Raytheon Awarded USD 685.7M for New Patriot Systems for Taiwan

Raytheon Company (NYSE: RTN) has received a $685.7 million Foreign Military Sales (FMS) contract for additional new fire units of the combat-proven Patriot Air and Missile Defense System for Taiwan. "Our partnership with Taiwan dates back more than 45 years, and we are committed to providing Taiwan with the best air and missile defense system capability available," said Sanjay Kapoor, vice president for Integrated Air and Missile Defense at Raytheon's Integrated Defense Systems business (IDS). Patriot is the world's most capable air and missile defense system, protecting against a full range of advanced threats, including aircraft, tactical ballistic missiles, cruise missiles and unmanned aerial vehicles. It is the system of choice for 12 nations around the globe. Raytheon is the prime contractor for both domestic and international Patriot Air and Missile Defense Systems and system integrator for Patriot Advanced Capability-3 missiles. Main points: - This award is in addition to the one received in 2009 for new systems for Taiwan and the 2008 contracts to upgrade Taiwan's existing systems. - Raytheon recently delivered the first Configuration-3 radar system to Taiwan, completing the upgrade 10 months ahead of the original program plan the customer requested. - The U.S. Army Aviation and Missile Command, Redstone Arsenal, Ala., issued this contract for new Patriot fire units that will feature new advanced technology, improved man-machine interface and reduced life-cycle costs. - Work under this contract will be performed at Raytheon's Integrated Air Defense Center, Andover, Mass.; El Paso, Texas; and Huntsville, Ala. The company is supported by a global team of suppliers to the Patriot system.

Source: Raytheon Corporation (NYSE: RTN)
Date: Dec 18, 2011