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|U.S. Army Awards Raytheon $173 Million Contract for Excalibur|
TUCSON, Ariz., April 21, 2011 /PRNewswire via COMTEX/ -- Raytheon Company (NYSE: RTN) received a $173 million U.S. Army fiscal year 2010 contract for the production of Excalibur precision-guided projectile rounds for in-theater use. This contract marks the beginning of full rate production for Excalibur Ia-2.
Successfully fielded in 2007, Excalibur is a 155 mm precision-guided artillery round with extended range that is currently in use with the U.S. Army and Marine Corps. Using GPS precision guidance technology, Excalibur provides first round fire-for-effect capability with accuracy well within 10 meters (32.8 feet) of its target. This accuracy protects warfighters in close proximity to the target and provides an unprecedented precision engagement capability.
Excalibur precision-guided projectiles give warfighters life-saving options when close air support is unavailable. With more than 300 rounds fired in theater,the U.S. Army and Marine Corps have increased their use of Excalibur in the past year.
"Warfighters need Excalibur because it provides a level of precision they simply cannot get with other artillery rounds," said Col. Michael Hartig, U.S. Army Fires Center of Excellence. "Excalibur's GPS precision makes it ideal in all terrain types, including urban settings and rugged terrain where our soldiers and Marines are close to the target."
In August 2010, the U.S. Army awarded Raytheon a contract to complete the design of the Excalibur Ib precision-guided projectile. Excalibur Ib provides the lowest- risk approach to reducing the projectile's cost by an estimated 50 percent, while leveraging the demonstrated performance of Excalibur Ia.
"From early fielding of Excalibur Ia-1, it has been our commitment to continually develop this capability so that it provides a greater, more affordable benefit to the warfighter," said Michelle Lohmeier, vice president of Raytheon's Land Combat product line. "As we enter full rate production with Excalibur Ia and qualify our Excalibur Ib, we continue to evolve the design, while staying true to Excalibur's mission to limit collateral damage in theater."
Raytheon Company, with 2010 sales of $25 billion, is a technology and innovation leader specializing in defense, homeland security and other government markets throughout the world. With a history of innovation spanning 89 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.
SOURCE Raytheon Company