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FINANCIAL NEWS
Raytheon, Saudi Arabia close $475m deal
22 Jan 2011
(MENAFN) Raytheon Missile Systems president, Taylor W. Lawrence, said that the Kingdom of Saudi Arabia closed a deal with the company for buying Raytheon’s Paveway, a $475 million kit that converts dumb bombs into precision-guided munitions, reported Arab News.
Lawrence said that the company had worked with the Kingdom for about forty years by now in the field of providing weapons, which benefits the company as it keeps production lines operational in the US. Especially that many sub-components are outsourced to other companies around the US.
It is worth noting that Raytheon Company reported $25 billion sales in 2009 and is has been operating for eighty eight years now. It functions in the areas of sensing, effects, command, control, communications and intelligence systems and employs around 75,000 people around the world.
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