Raytheon Finishes the Year with Two Patriot Awards Totaling $377 Million
2007 domestic Patriot awards exceed $600 million
TEWKSBURY, Mass., Feb. 13, 2008 /PRNewswire/ -- Raytheon Company (NYSE: RTN) wrapped up 2007 with two Patriot contract awards totaling $377 million, bringing the total value of its 2007 domestic Patriot awards to more than $600 million.
"The combat-proven Patriot system continues to play a key role in protecting U.S. and allied forces around the world," said Pete Franklin, vice president for National and Theater Security Programs at Raytheon Integrated Defense Systems (IDS). "As the prime contractor for the Patriot system, Raytheon is committed to providing warfighters with a superior, affordable and reliable air and missile defense capability that can be counted on the first time and every time."
In December, Raytheon IDS received a $310 million U.S. Army contract to upgrade eight Patriot fire units to Patriot Advanced Configuration-3 (PAC-3) as part of the "Pure Fleet" modernization program. Pure Fleet is the result of the Army's decision in February 2006 to upgrade additional tactical Patriot fire units from Configuration-2 to Configuration-3. The upgrade is designed to enhance the system's capabilities to meet current and emerging threats.
Work will be performed at Raytheon's Integrated Air Defense Center, Andover, Mass. The latest Pure Fleet contract follows an initial $150 million U.S. Army award to Raytheon earlier in the year to upgrade four Patriot fire units.
In a second award, Raytheon received a $67 million U.S. Army contract for 152 Patriot Guidance Enhanced Missile-Tactical (GEM-T) upgrades, the second of two large orders received in 2007 for GEM-T. The award increases the total number of GEM-T missiles ordered to 952 since program inception for a total contract value of $430 million.
GEM-T is a significant upgrade over the existing Patriot Advanced Configuration-2 (PAC-2) missile and, when fielded in conjunction with the PAC- 3 system, provides a robust capability against ballistic missiles, cruise missiles, aircraft and remotely piloted vehicles. GEM-T provides the U.S. Army and its allies an affordable upgrade to leverage existing missile inventories into the Configuration-3 capability.
GEM-T missiles are PAC-2 missiles that are refurbished and modernized at Raytheon's Integrated Air Defense Center, Andover, Mass. Through the upgrade process, older components are replaced, new technology inserted and reliability increased.
Raytheon IDS is the prime contractor for the Patriot system and the system integrator for the PAC-3 system that includes the GEM-T missile. The Patriot PAC-3 program is managed by the U.S. Army Program Executive Office for Missiles and Space and executed by the Lower Tier Air and Missile Defense Project Office, Huntsville, Ala.
Integrated Defense Systems is Raytheon's leader in Joint Battlespace Integration providing affordable, integrated solutions to a broad international and domestic customer base, including the U.S. Missile Defense Agency, the U.S. Armed Forces and the Department of Homeland Security.
Raytheon Company, with 2007 sales of $21.3 billion, is a technology leader specializing in defense, homeland security and other government markets throughout the world. With a history of innovation spanning more than 85 years, Raytheon provides state-of-the-art electronics, mission systems integration and other capabilities in the areas of sensing; effects; and command, control, communications and intelligence systems, as well as a broad range of mission support services. With headquarters in Waltham, Mass., Raytheon employs 72,000 people worldwide.
Contact: Maureen Heard 339.645.6664
SOURCE: Raytheon Company
CONTACT: Maureen Heard of Raytheon Company, +1-339-645-6664
Web site: http://www.raytheon.com/