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U.S. Army Awards Raytheon-Boeing Team $125 Million Contract for Joint Air-to-Ground Missile

TUCSON, Ariz., Sept. 22, 2008 /PRNewswire-FirstCall/ -- The U.S. Army awarded Raytheon Company (NYSE: RTN) and Boeing (NYSE: BA) a $125 million contract for the Joint Air-to-Ground Missile program. The contract funds a 27 month technology development program to develop and fire three prototype missiles with fully integrated tri-mode seekers.

"There is an urgent warfighter need to field this system and meet future needs," said John Weinzettle, Raytheon's JAGM program director. "The goal of the Raytheon-Boeing JAGM team is to deliver an affordable, reliable and complete system solution that can be integrated into the program's six required aircraft."

The JAGM program will produce a single missile solution for rotary- and fixed- wing platforms and unmanned aircraft. It is designed to defeat moving and stationary targets at extended ranges in all weather conditions.

The Raytheon-Boeing JAGM team brings mature, advanced seeker and missile technologies to the program. The team also has decades of fixed- and rotary-wing integration expertise. The expected JAGM in-service date is 2016, and Raytheon is the prime contractor.

"The Raytheon-Boeing JAGM team offers the U.S. Army, Navy and Marine Corps an outstanding track record of performance in weapons program development, while delivering reliable products on time and on cost," said Carl Avila, director, Advanced Weapons, Boeing Integrated Defense Systems.

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.

A unit of The Boeing Company, Boeing Integrated Defense Systems is one of the world's largest space and defense businesses specializing in innovative and capabilities-driven customer solutions. Headquartered in St. Louis, Boeing Integrated Defense Systems is a $32.1 billion business with 71,000 employees worldwide.

     John Nelson                             Chris Haddox
     Raytheon Missile Systems                Boeing Advanced Systems
     520.794.7810 office                     314.234.6447 office
     520.664.8560 mobile                     314.707.8891 mobile
     John_H_Nelson@raytheon.com              chris.d.haddox@boeing.com