Raytheon Company (NYSE: RTN) was awarded a $422 million contract for its combat-proven Paveway™ II family of precision-guided munitions. The company was awarded the direct commercial sale from an international customer. Paveway™ is a Raytheon-designed kit that transforms "dumb" bombs into precision-guided munitions.
"Paveway™ has revolutionized tactical air-to-ground warfare by providing the warfighter unparalleled accuracy and standoff capability, proving itself in every major conflict in which it has been used," said Dr. Taylor W. Lawrence, Raytheon Missile Systems president. "This contract further demonstrates Raytheon's long-standing commitment to its international customers."
Raytheon continues to evolve Paveway™ to meet the needs of the U.S. armed forces as well as allied nations. Newer versions of Paveway™ include Global Positioning System/Inertial Navigation System guidance capabilities, which combine the precision and flexibility of traditional laser-guided weapons with the all-weather capability of GPS guidance, resulting in a weapon that decreases the required sortie count and weapon inventory while simultaneously increasing the mission success rate.
Source: Raytheon Corporation (NYSE: RTN)
Date: Nov 28, 2012