The Federal Aviation Administration (FAA) has awarded Raytheon Company (NYSE: RTN) a two-year contract extension to continue to provide services for the Wide Area Augmentation System (WAAS), a safety system that provides satellite-based navigation in the continental United States, Alaska, Canada and Mexico. The $30.1 million contract extends the period of performance through Sept. 24, 2013.
"Raytheon has been the FAA's prime contractor for WAAS since the system was commissioned for operational use in the United States in 2003," said Michael Prout, vice president of Security and Transportation Systems for Raytheon's Network Centric Systems business. "The contract marks another milestone in the continuing partnership between Raytheon and the FAA to improve safety and efficiency for pilots."
Raytheon will provide life-cycle support and other services to improve service reliability and availability, and increase the coverage area through system enhancements. WAAS enables GPS to meet air navigation performance and safety requirements for en route, terminal, non-precision approach, and approach with vertical guidance operations.
Source: Raytheon Corporation (NYSE: RTN)
Date: Apr 24, 2012