Raytheon wins $128m Patriot missile contract
Defense contractor Raytheon Co., the Waltham-based defense contractor, said today that it won a $128 million engineering services contract from the US Army to continue work on Patriot missile systems.
The contract calls for Raytheon to provide systems analysis, software and hardware engineering, testing and logistics support.
"This contract represents a continuation of the U.S. government and Raytheon's commitment to ensure that Patriot systems deployed by the US Army and 11 international partners are maintained in the highest state of readiness," said Sanjay Kapoor, a Raytheon Integrated Defense Systems spokesman.
In addition to US Patriot systems, the contract calls for support of Patriot systems in Germany, the Netherlands, Saudi Arabia, Japan, Israel, Kuwait, Spain, Taiwan, Greece, South Korea, and the United Arab Emirates under the foreign military sales program.
Raytheon is the primary contractor for domestic and international Patriot Air and Missile Defense Systems.
The Patriot missile is a long-range weapon designed to defend against aircraft, ballistic and cruise missiles.
Raytheon had sales of $23.2 billion last year. It employs 73,000 workers worldwide.
Shares rose 59 cents to $34.40 in afternoon trading, but earlier hit a 52-week low of $33.56. The stock has ranged from $33.64 to $67.37 over the past year. (AP)