Raytheon Signs $475 million Paveway contract with Saudi Arabia
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TUCSON, Ariz., Jan. 20, 2011 /PRNewswire/ -- Raytheon Company (NYSE: RTN) signed a contract worth $475 million with the Kingdom of Saudi Arabia for the combat-proven Paveway family of precision-guided munitions. Raytheon's Paveway is a kit that transforms "dumb" bombs into precision-guided munitions.
"Raytheon's Paveway family of weapons provides the warfighter unmatched precision and standoff capability," said Dr. Taylor W. Lawrence, Raytheon Missile Systems president. "This sale is the latest chapter in Raytheon's four decade-long commitment to the Kingdom of Saudi Arabia and regional security in the Arabian Gulf."
This deal cements Raytheon's long-standing commitment to Saudi Arabian industry and keeps production lines operational in the U.S.
"By using many of our usual suppliers to produce Paveway subcomponents, the contract keeps Americans employed. We will also partner with Saudi Arabian industry to fulfill the support equipment portion of the contract," said Mike Jarrett, vice president of Supply Chain Management at RMS. "This year, Raytheon will host a supplier workshop in the Kingdom of Saudi Arabia to gain a better understanding of its industrial base and enable local industry to better understand Raytheon."
