Friday, December 19, 2008

Raytheon missiles nab $3.3B from UAE

By Brendan Lynch

Raytheon Co. has landed a $3.3 billion contract from the United Arab Emirates for its Patriot missiles.
 
Raytheon’s Integrated Defense Systems unit and Lockheed Martin Corp. have worked with the United States and UAE governments for a year to develop the agreement. The U.S. government approved the foreign military sale of Patriot GEM-T and Lockheed PAC-3 missiles. Under the contract, Raytheon will also provide support and training.

Raytheon established its first office in the UAE in 1983 and began delivery and support of the medium-range Hawk Air Defense System to the UAE in 1987. Work on the contract will be performed at the Raytheon Integrated Air Defense Center in Andover.

December has been a busy month for the Waltham-based defense giant, which has brought in over $100 million in contracts this month. Earlier this week, Raytheon won $10.1 million from the U.S. Navy for engineering work on destroyers. Also this week, Raytheon landed $11.8 million from the Navy for work on Sea Sparrow missiles. Earlier this month, the company landed $8.8 million from the Navy for radar and electronics engineering on its newest class of destroyers. The company also landed a $77.4 million contract from the U.S. Army to upgrade Patriot missiles.

Raytheon employs 72,000 people worldwide and reported a 2007 net income of $3.5 billion on revenue of $21.3 billion.