Monday, March 17, 2008

Raytheon wins $28M in two radar deals

Raytheon Co. reports it has landed $28.3 million in a pair of orders from the Missile Defense Agency, a section of the U.S. Department of Defense, under a deal worth up to nearly $2 billion.

Under the two orders, Waltham defense contractor Raytheon (NYSE: RTN) will perform operation and maintenance services on the sea-based X-Band radar and the vessel that carries it, a modified self-propelled Russian-made oil drilling platform. The work is intended to improve the system's operational availability and reduce its cost. Work under the deal will be performed at the Raytheon Integrated Defense Systems's Missile Defense Center in Woburn, and at its Integrated Air Defense Center in Andover.

The orders are part of an indefinite-delivery/indefinite-quantity contract, which has a potential value of $1.9 billion over 10 years.

Raytheon IDS is a business unit of Raytheon Co., which employs 72,000 people worldwide, and reported a 2007 net income of $3.5 billion, on revenue of $21.3 billion.