Tuesday, July 15, 2008

Patriot missile contracts fetch $190M for Raytheon

By Mass High Tech Staff

Raytheon Integrated Defense Systems reports it has brought in almost $190 million in two contracts for its Patriot missile technology.

The Tewksbury-based Raytheon Co. (NYSE: RTN) business unit landed a $156 million foreign military sales award from the U.S. Army to provide Kuwait with radar upgrade kits for its Patriot missile systems, as well as engineering and technical services.

The defense giant also pulled in a $38.5 million deal from COMLOG, a joint venture between Raytheon and the German arm of multinational missile company MBDA Ltd. Under the deal, Raytheon will upgrade Patriot missile systems sold to South Korea’s air force by the German Ministry of Defense.
 
Work on both contracts will be performed at Raytheon’s Integrated Air Defense Center in Andover, as well as in Huntsville, Ala., and White Sands, N.M.

Earlier this month, Raytheon IDS landed $4.7 million from the U.S. Department of Homeland Security for the development of a prototype long-distance radiation detector.

Waltham-based Raytheon reported a 2007 net income of $3.5 billion on revenue of $21.3 billion.