Raytheon Company (NYSE: RTN) is upgrading Germany's Patriot Integrated Air and Missile Defense System to the most current configuration available under a $105.5 million direct commercial sales contract from the NATO Support and Procurement Agency. The contract award was first announced on Raytheon's earnings call on July 25th.
"This upgrade ensures that Germany's air and missile defense remains current until at least 2035," said Tom Laliberty, Raytheon vice president of Integrated Air and Missile Defense.
The contract comes shortly after the Defense and Budget Committees of the German Federal Parliament approved the upgrade, ensuring Germany remains aligned with five other EU and NATO allies that rely on Patriot for their air and missile defense. All countries – including the U.S. – benefit from being part of the 16 nation consortium through:
Patriot has been successfully used more than 250 times in combat to defend allied forces and civilian populations against hostile aircraft, drones and tactical ballistic missiles.
Source: Raytheon Corporation (NYSE: RTN)
Date: Jul 29, 2019
