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Thursday, December 21, 2006

Raytheon to sell business jet subsidiary

WALTHAM

Waltham defense contractor Raytheon Co. early this morning agreed to sell its business jet subsidiary, Raytheon Aircraft Co. of Wichita, Kan., for about $3.3 billion to a new company formed by the Canadian private equity firm Onex Partners and the Goldman Sachs investment bank.

Raytheon said it plans to apply the proceeds from the divestiture, expected to total $2.5 billion after taxes, toward reducing its debt and increasing its stock repurchasing authorization.

-- Robert Weisman

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