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RAYTHEON AWARDED $1 BILLION PATRIOT CONTRACT FOR SAUDI ARABIA

 LEXINGTON, Mass., Dec. 23 /PRNewswire/ -- Raytheon Company (NYSE: RTN) today announced that its Missile Systems Division, headquartered in Bedford, Mass., has been awarded a $1.03 billion contract to provide the Kingdom of Saudi Arabia with 13 Patriot fire units and 761 missiles and associated equipment under terms of a foreign military sale. The contract was awarded by the U.S. Army Missile Command, Huntsville, Ala.
 Raytheon said it expects to receive additional awards to supply firing range equipment, test equipment, and other support equipment and services "in the near term."
 The order, described as one of the largest foreign military sales in the company's history, "is important because it maintains a production base for a system that is critical for the defense of the U.S. and its allies," according to William H. Swanson, senior vice president and general manager of Raytheon's Missile Systems Division.
 "This order is significant not only in terms of its size, but because it reinforces the Kingdom of Saudi Arabia's confidence in Patriot's multipurpose air defense capability and its ability to protect population centers and critical national assets," Swanson said.
 "The world has come to understand the need for vigilance against threats like those experienced during the Gulf War," he added.
 The Patriot system offers the world's only combat-proven air defense system capable of simultaneously tracking and destroying enemy aircraft, cruise missiles, and tactical ballistic missiles.
 The order from Saudi Arabia, under the U.S. Foreign Military Sales program, supplements a 1990 contract awarded Raytheon for eight fire units and 300 missiles worth $513 million.
 Swanson noted that the latest Patriot order reinforces the company's commitment to its ongoing role as one of the nation's leading defense contractors.
 "This contract fits with two elements of our overall strategy," Swanson said. "First, to maintain a strong base in U.S. government electronics, and second, to increase our international sales."
 Initial funding of $515 million was received with the order.
 Raytheon, headquartered in Lexington, Mass., is a $9 billion diversified technology company with sales in four business segments: Electronics, Aviation, Energy and Environmental, and Major Appliances.
 -0- 12/23/92
 /CONTACT: Pat Coulter of Raytheon Company, 617-860-2173 (office) or 603-465-2999 (home)/
 (RTN)


CO: Raytheon Company ST: Massachusetts IN: ARO SU:

CH -- NE010 -- 9729 12/23/92 17:16 EST
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Publication:PR Newswire
Date:Dec 23, 1992
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