Raytheon Company (NYSE: RTN) and Thales have signed a 27-month development and five-year production agreement in support of future improvements of Raytheon's tube-launched, optically-tracked, wireless-guided (TOW) weapon system.
Thales has committed a £13.5M (~$20.2 million) investment in the design and qualification of two new TOW missile subassemblies that will address obsolescence, increase system fuze safety and reduce total missile cost.
"Re-investing in the TOW weapon system for the U.S. government, our international partners and TOW users around the globe ensures increased capability and enables Raytheon to continue delivering affordable precision," said Michelle Lohmeier, vice president of Raytheon Missile Systems' Land Warfare Systems product line. "This development activity will enable increased safety compliance and warfighter survivability while addressing obsolescence issues and incorporating cost saving technologies."
TOW is recognized as a preferred heavy assault anti-armor weapon system for NATO, coalition, United Nations and peacekeeping operations worldwide.
"We have a long standing relationship for the supply of high performance missile electronic systems to Raytheon Missile Systems," said Stuart Boulton, Thales's Vice President, Global missile electronics business. "We are delighted to be working in the Raytheon team to support the development of the new TOW weapon system."
Source: Raytheon Corporation (NYSE: RTN)
Date: Jun 16, 2014