Raytheon Company (NYSE: RTN) booked a $106 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. The contract includes Paveway™ kits for both GBU-12 (500lb) and GBU-58 (250lb) guided bombs. Paveway™ is a Raytheon-designed kit that transforms "dumb" bombs into precision-guided munitions. The contract order was booked in Raytheon's second quarter of 2013.
"Customers worldwide continue to select Raytheon's Paveway™ to protect their warfighters and citizens," said Harry Schulte, vice president of Raytheon Missile Systems' Air Warfare Systems. "This contract further demonstrates Raytheon's long-standing commitment to its international partners."
Raytheon continues to evolve Paveway™ to meet the needs of the U.S. armed forces as well as allied nations. The Raytheon Paveway™ family offers precision guidance kits compatible across a broad spectrum of warheads. Enhanced versions of Paveway™ include Global Positioning System/Inertial Navigation System guidance capabilities. These 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 weapons inventory while simultaneously increasing the mission success rate.
Source: Raytheon Corporation (NYSE: RTN)
Date: May 31, 2013