GAO UPHOLDS $265 MILLION MAVERICK AWARD TO RAYTHEON
GAO UPHOLDS $265 MILLION MAVERICK AWARD TO RAYTHEON LEXINGTON, Mass., Nov. 14 /PRNewswire/ -- Raytheon Company
(NYSE: RTN) today described as "extremely good news" Thursday's announcement that the General Accounting Office has upheld a $265 million winner-take-all contract originally awarded to Raytheon in July 1991, for the production of nearly 5,300 Maverick air-to-surface missiles.
In taking the action, the GAO rejected protests lodged against the Air Force by Hughes Aircraft Company, the competing bidder on the winner-take-all contract. Execution of the contract had been suspended pending the outcome of the Hughes challenge. The award calls for the delivery of 5,255 missiles to the U.S. Air Force and 36 to the Navy, and provides replacements for missiles used during Operation Desert Storm. The missiles will be produced at Raytheon plants in Bristol and Chattanooga, Tenn. "The GAO decision to uphold the Air Force's award, coupled with our recent $66.5 million Standard Missile contract, further solidifies our business base in Bristol," said William H. Swanson, senior vice president and Missile Systems Division general manager. "This is obviously extremely good news, and will help stabilize our present employment at our Bristol facility." Work covered by the contract is scheduled for completion in 33 months. Raytheon, headquartered in Lexington, Mass., is a technology-based international company active in electronics, aviation, major appliances, energy and environmental services, and construction. Raytheon recorded $9.3 billion in sales in 1990. -0- 11/14/91 /CONTACT: Dick Sherman of Raytheon, 617-860-2412/ (RTN) CO: Raytheon Company ST: Massachusetts IN: ARO SU: DD -- NE005 -- 4481 11/14/91 13:28 EST
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|Date:||Nov 14, 1991|
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