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Friday, January 21, 2011
Raytheon Signs $475 Million Paveway™ Contract With the Kingdom of Saudi Arabia
Raytheon Company signed a contract worth $475 million with the Kingdom of Saudi Arabia for the combat-proven Paveway family of precision-guided munitions. Raytheon's Paveway is a kit that transforms "dumb" bombs into precision-guided munitions.
"Raytheon's Paveway family of weapons provides the warfighter unmatched precision and standoff capability," said Dr. Taylor W. Lawrence, Raytheon Missile Systems president. "This sale is the latest chapter in Raytheon's four decade-long commitment to the Kingdom of Saudi Arabia and regional security in the Arabian Gulf."
This deal cements Raytheon's long-standing commitment to Saudi Arabian industry and keeps production lines operational in the U.S.
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