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Blog Exposure - Raytheon Gets Contract to Produce Romania's New Patriot System

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LONDON, UK / ACCESSWIRE / May 30, 2018 / If you want access to our free research report on Raytheon Co. (NYSE: RTN), all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=RTN as the Company's latest news hit the wire. On May 25, 2018, the Company, which is a major US defense contractor and industrial Company with core manufacturing concentrations in weapons, and military and commercial electronics, declared that the US Army has awarded its Integrated Defense Systems (IDS) business unit a $395.80 million modification contract for the production of Romania's Patriot™ Air and Missile Defense System. Register today and get access to over 1,000 Free Research Reports by joining our site below:

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Details About the Contract

The Department of Defense announced this contract on May 24, 2018, and it requires Raytheon to build Romania's first brand-new Patriot fire unit. In fact, Raytheon has already called for thousands of critical long-lead items from hundreds of suppliers, and initiated the production of:

  • Critical electronic components;
  • Machine parts; and
  • Circuit card assemblies and cables

This deal comes under the US Army's foreign military sales (FMS) program. Raytheon intends to utilize foreign military sales funds from FY18 to complete the task.

The Company shared that all work related to this contract would be executed in Andover, Tewksbury, Marlborough, and Burlington, Massachusetts; Pelham, New Hampshire; McKinney, Texas; and Portsmouth, Rhode Island. Raytheon expects the work under this contract to be completed by April 30, 2020.

Tom Laliberty, Vice President of Integrated Air and Missile Defense at Raytheon's IDS business, shared that the Company would leverage its experience from building 220 fire units for meeting Romania's Patriot fielding schedule.

About Patriot

Raytheon's Patriot stands for Phased Array Tracking on Radar to Intercept Option (PATRIOT) Fire Unit. PATRIOT is a long-range, high-altitude, all-weather system designed to deal with threats from tactical ballistic missiles, cruise missiles, and advanced fighter aircraft. Patriot is believed to be the backbone of NATO and Europe's defense against ballistic and cruise missiles, advanced aircraft, and drones. It was during the US' Operation Desert Storm in 1991 that the Patriot missile systems made their first appearance. They were used for shooting down Iraqi SCUD missiles fired at US allies. Raytheon is known for making superior Patriot missile defense interceptors. In fact, the Company consistently focuses on upgrading the missile defense system in order to keep pace with the changing dynamics of modern warfare.

NATO Nations with Patriot - At present, the US, Germany, Greece, the Netherlands, and Spain have the Patriot system. Romania signed a Letter of Offer and Acceptance for Patriot on November 29, 2017, which made it the 6th NATO member state to procure Patriot. Subsequently, on March 28, 2018, Poland signed a Letter of Offer and Acceptance for Patriot, hence becoming the 7th NATO member state to procure the Patriot system.

European Interest in Patriot - Besides, a congressional notification regarding a potential Patriot sale to Sweden has also been completed.

Stock Performance Snapshot

May 29, 2018 - At Tuesday's closing bell, Raytheon's stock fell 1.06%, ending the trading session at $209.03.

Volume traded for the day: 1.42 million shares.

Stock performance in the last month - up 2.49%; previous six-month period - up 12.35%; past twelve-month period - up 28.00%; and year-to-date - up 11.27%

After yesterday's close, Raytheon's market cap was at $60.80 billion.

Price to Earnings (P/E) ratio was at 26.12.

The stock has a dividend yield of 1.66%.

The stock is part of the Industrial Goods sector, categorized under the Aerospace/Defense Products & Services industry.

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