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|Raytheon Awarded $203.3 Million for Production of Precision Guidance Systems|
MCKINNEY, Texas, May 5, 2008 /PRNewswire/ -- Raytheon Company (NYSE: RTN) will extend production and delivery of Improved Target Acquisition Systems under a $203.3 million contract from the U.S. Army Aviation and Missile Command, Huntsville, Ala. The order continues Army procurement of the systems.
ITAS is the advanced electro-optic target acquisition fire control system. It guides Raytheon- manufactured TOW (Tube-Launched, Optically Tracked, Wire-Guided) missile systems to their targets with pinpoint precision. The targeting system significantly increases TOW's effective range, improves the weapon's ability to hit a target with minimal collateral damage and allows a soldier to engage and destroy targets from safe distances. ITAS' 2nd generation forward-looking infrared sensor provides long-range reconnaissance and surveillance capability in all weather and battlefield conditions.
ITAS is fielded in Operation Iraqi Freedom and Operation Enduring Freedom, where it has demonstrated its value in all phases of the conflict and subsequent peace-keeping efforts.
Raytheon Company, with 2007 sales of $21.3 billion, is a technology leader specializing in defense, homeland security and other government markets throughout the world. With a history of innovation spanning 86 years, Raytheon provides state-of-the-art electronics, mission systems integration and other capabilities in the areas of sensing; effects; and command, control, communications and intelligence systems, as well as a broad range of mission support services. With headquarters in Waltham, Mass., Raytheon employs 72,000 people worldwide.
Note to Editors:
This contract was initially announced by the Department of Defense March 26, 2008.
ITAS is designed and produced by Raytheon Network Centric Systems in McKinney, Texas. ITAS components are also produced in Dallas and Richardson, Texas; El Segundo and Santa Barbara, Calif.; Largo, Fla., and Midland, Ontario, Canada.
This order is a fiscal year 2008 option exercised under a contract originally awarded Sept. 11, 2006. The contract provides options for the Army to purchase additional ITAS systems during the next three years with a maximum value of more than $500 million.