Raytheon Gets U.S. Army's $395.8 Mln Contract For Romania's Patriot

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(RTTNews.com) - Raytheon Co ( RTN ) announced Friday that the U.S. Army has awarded the company a $395.8 million contract for production of Romania's Patriot Air and Missile Defense System.

The contract calls for Raytheon to build Romania's first brand-new Patriot fire unit.

Raytheon has already ordered thousands of critical long-lead items from hundreds of suppliers, and begun production of Critical electronic components, Machined parts, and Circuit card assemblies and cables.

The company noted that Patriot is the backbone of NATO and Europe's defense against ballistic and cruise missiles, advanced aircraft and drones. The US, Germany, Greece, the Netherlands, and Spain currently have Patriot.

Tom Laliberty of Raytheon said, "We are using what we have learned in building 220 fire units and to meet Romania's Patriot fielding schedule."

In November, Romania signed a Letter of Offer and Acceptance for Patriot, making it the 6th NATO member state to procure Patriot. On March 28, Poland signed a Letter of Offer and Acceptance for Patriot.

Read the original article on RTTNews (http://www.rttnews.com/2898841/raytheon-gets-u-s-army-s-395-8-mln-contract-for-romania-s-patriot.aspx)

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This article appears in: World Markets , Stocks , Technology
Referenced Symbols: RTN

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