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RAYTHEON ACQUIRES HARBERT CONSTRUCTION; BROADENS CAPABILITIES IN INFRASTRUCTURE MARKET

 LEXINGTON, Mass., June 17 /PRNewswire/ -- Raytheon Company (NYSE: RTN) today announced that its Raytheon Engineers & Constructors International subsidiary has acquired the assets of Harbert Construction Company of Birmingham, Ala. Terms of the sale were not disclosed.
 Harbert Construction Company, a division of Harbert International, Inc., is a privately held company with broad construction experience on highways, airports, municipal facilities, and other infrastructure projects. In addition to its expertise on infrastructure projects, Harbert has constructed government and military facilities, industrial plants and laboratories, office buildings, shopping malls, and power plants.
 "Harbert is a significant addition to our engineering and design capabilities in the infrastructure and transportation business area," said Charles Q. Miller, chairman and chief executive officer of Raytheon Engineers & Constructors International. "Their experience in building large-scale civil and municipal projects allows us to offer a complete package of services from design to construction," he added. "That kind of single-source contracting is increasingly important to our customers."
 Raymond J. Harbert, president and chief executive officer of Harbert International, said, "This transaction is a positive move for our company and its employees and provides solid opportunities for all parties. Raytheon is one of the world's premier companies, and we look forward to working with them in the future to our mutual benefit."
 The portion of Harbert acquired by Raytheon has revenues currently running at about $100 million annually. Approximately 100 Harbert managers and supervisors are expected to join Raytheon as will most of the company's 500 craft and construction workers currently assigned to ongoing projects.
 Current and recent Harbert projects include the 600,000 square-foot Convention Center in Mobile, Ala., a major portion of which is being built over the Mobile River; a nine-bridge highway interchange at I-49 and I-20 in Shreveport, La.; and several multi-year contracts for construction, repair, and maintenance of U.S. government installations in North America and Central America.
 Harbert, which will continue to be based in Birmingham, will operate as a unit of a new company, Harbert-Yeargin, Inc.
 Yeargin, Inc., of Greenville, S.C., is a nationwide construction firm which is part of Raytheon Engineers & Constructors International. Yeargin has approximately 2,000 employees and broad project experience in the power, chemical, process, and manufacturing industries. Yeargin has offices in Denver, Colo., and in Pocatello, Idaho.
 John M. Harbert III, who founded Harbert in 1949 and is one of the best-known and most highly regarded figures in the construction industry, will serve on the board of directors of the new company. "John Harbert's continuing involvement with the new organization is a great plus," Miller said. "His business reputation, wide experience, and international contacts will be invaluable to our success."
 In addition to these responsibilities, John Harbert will continue to serve as chairman of the board of Harbert International, Inc. and its parent company, Harbert Corporation.
 Raytheon Engineers & Constructors International is one of the largest architect/engineering and construction firms in the world. With annual sales in excess of $1.7 billion, it has more than 13,000 professional and staff employees, and an equal number of craft and construction workers assigned to some 200 project sites on five continents.
 Raytheon Engineers & Constructors International operates in a range of industries including electric power, petroleum and gas, chemicals and polymers, pharmaceuticals and biotechnology, metals and mining, food and consumer products, infrastructure development, and environmental services. It represents one of the four business areas of Raytheon Company, a $9 billion diversified technology company that also operates worldwide in electronics, aircraft products, and major appliances.
 -0- 6/17/93
 /CONTACT: Ed Powers of Raytheon Engineers & Constructors International, 617-860-2415/
 (RTN)


CO: Raytheon Company; Harbert Construction ST: Massachusetts IN: CST SU: TNM

TM -- NY102 -- 3374 06/17/93 20:44 EDT
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Publication:PR Newswire
Date:Jun 17, 1993
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