Raytheon signs $475m contract with Saudis
Raytheon Co., the Waltham-based defense contractor, signed a $475 million contract with the Kingdom of Saudi Arabia for precision-guided munitions.
Raytheon said today that the kingdom is buying "Paveway" kits that transform normal bombs into precision-guided munitions.
Raytheon said in a statement that the sale builds on a 40-year-long partnership of selling arms to the kingdom. While Saudi Arabia is an autocracy, Raytheon said the weapons sales promote stability in the Middle East region.
Shares of Raytheon rose $1.02, or 2 percent, to $52.23 during afternoon trading.