Increased Patriot Missile Defense Capability Contract

An undisclosed member of the 13-nation group that owns the combat-proven Patriot Integrated Air and Missile Defense System has awarded Raytheon Company [NYSE: RTN] a $225 million direct commercial sales contract for additional capability. The contract was awarded on Oct 19.

"Our customer chose to continue investing in Patriot because Patriot saves lives," said Ralph Acaba, Raytheon vice president of Integrated Air and Missile Defense. "That added capability will strengthen our customer's protection against the evolving threats of tactical ballistic missiles, cruise missiles and enemy aircraft."

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Patriot is built on a foundation of more than 1,400 flight tests, 3,000 ground tests and the experiences of the five nations that have used Patriot in combat operations.

The contract was awarded less than 45 days after Poland officially requested Patriot from the United States government and the Netherlands awarded Raytheon a contract to begin upgrading its own Patriot systems.  Since December, 2014, the 13 Patriot partner nations have invested more than $7.2 billion with Raytheon in procuring and upgrading the system.

About Global Patriot Solutions
Raytheon's Global Patriot Solutions is the most advanced portfolio of air and missile defense technologies in the world, providing comprehensive protection against a full range of advanced threats, including aircraft, tactical ballistic missiles, cruise missiles and unmanned aerial vehicles. Patriot is continually upgraded and enhanced to leverage the latest technology. Thirteen nations depend on Patriot as the foundation for their defense.

Source: Raytheon Corporation (NYSE: RTN)
Date: Nov 28, 2016