Raytheon Wins $36.1 Million U.S. Air Force Paveway(TM) Contract
TUCSON, Ariz., Nov. 19, 2007 /PRNewswire/ -- With the award of $36.1 million, Raytheon Company (NYSE: RTN) has won the majority share of U.S. Air Force competitive contracts for Paveway(TM) II laser guided bomb components for fiscal year 2007. This is the third consecutive Air Force majority share award for Raytheon, setting a benchmark for affordability and performance in the precision-guided weapons market.
The $36.1 million contract calls for Raytheon to provide the Air Force with laser guided bomb computer control and air foil groups that transform conventional bombs into precision-guided munitions.
The Air Force awarded Raytheon's Paveway II program the majority of the funding available for the fiscal year 2006 and 2007 laser guided bomb production awards, including the maximum computer control group award allowed under the competitive contract. Raytheon was also awarded the majority share of the Air Force competitive foreign military sales contracts for Paveway II in June 2007.
Raytheon Company, with 2006 sales of $20.3 billion, is a technology leader specializing in defense, homeland security and other government markets throughout the world. With a history of innovation spanning 85 years, Raytheon provides state-of-the-art electronics, mission systems integration and other capabilities in the areas of sensing; effects; and command, control, communications and intelligence systems, as well as a broad range of mission support services. With headquarters in Waltham, Mass., Raytheon employs 73,000 people worldwide.
Note to Editors:
The U.S. Air Force awarded Raytheon the contract May 10, 2007. First developed in 1968, the evolving Paveway series of laser guided bombs revolutionized precision delivery against tactical targets. With more than 35 years of laser guided bomb experience, Raytheon has delivered more than 275,000 Paveway II precision-guided weapons to the United States and allied nations for use on more than 26 different aircraft.
Raytheon also produces the battle-proven Enhanced Paveway family of precision-guided munitions. The EP dual-mode GPS/laser guidance capability is effective in all weather conditions against a wide variety of targets. Raytheon's EP 2 has been in full rate production for more than five years for U.S. and coalition forces. EP 2 is programmed and funded for integration on the Joint Strike Fighter and Eurofighter aircraft.
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