Raytheon Company (NYSE: RTN) and Advanced Electronics Company (AEC) announced today that they have entered into a Memorandum of Understanding to explore strategic teaming opportunities across a wide range of mission areas.
Raytheon and AEC have more than a 20 year history of industrial cooperation, notably on the F-15 program for Saudi Arabia.
Under the newly signed MOU, the companies envision expanding their collaboration to new defense and civil markets, and intend to explore opportunities ranging from integrated sensors, weapon systems, civil aviation, and land warfare systems, to cyber.
“AEC is a trusted and longstanding partner and we look forward to increasing our cooperative work for Saudi markets as well as possible regional and global expansion,” said John D. Harris II, Raytheon’s Vice President of Business Development and Chief Executive Officer, Raytheon International, Inc.
A principal supplier to Raytheon, AEC received a “Platinum” award in March 2015 recognizing its overall exceptional performance on its manufacturing efforts for Raytheon in support of the F-15 program. AEC is also a Preferred Supplier for Raytheon’s Strategic Enterprise Aligned Commodities initiative.
“Our partnership with Raytheon offers tremendous growth potential and we are confident that our growing partnership will enhance our support of the Kingdom of Saudi Arabia armed forces, as well as grant us successful business continuity and growth in increasingly competitive international markets,” said Dr. Ghassan Al Shibl, CEO and President of AEC.
Source: Raytheon Corporation (NYSE: RTN)
Date: Nov 9, 2015