Cities and key infrastructure in the Republic of Korea will soon be better protected against ballistic missiles, aircraft, and other airborne threats. The Republic of Korea awarded Raytheon Company (NYSE: RTN) a $769.4 million Direct Commercial Sale contract to upgrade an undisclosed quantity of Patriot Air and Missile Defense System batteries to the latest Patriot Missile Defense System Solution configuration currently fielded.
Radar Digital Processor, which improves target detection and identification, enhances surveillance, and supports the PAC-3 MSE missile.
In late 2014, the Republic of Korea awarded Raytheon a Direct Commercial Sales contract for $160M to upgrade its missiles to the GEM-T configuration. This award was announced in Raytheon's 2014 fourth quarter earnings call.
Patriot is the world's most modern and capable air and missile defense system, providing protection against a full range of advanced threats, including aircraft, tactical ballistic missiles, cruise missiles and unmanned aerial vehicles. Continually upgraded and enhanced to reflect the latest technology, Patriot is the system of choice for 13 nations around the globe.
Raytheon is the provider of Patriot Air and Missile Defense Systems, both domestically and internationally, and system integrator for PAC-3 missiles.
Source: Raytheon Corporation (NYSE: RTN)
Date: Mar 30, 2015