– Awards $770 million contract to Raytheon to upgrade Patriot system
SEOUL, South Korea, March 30, 2015 /PRNewswire/ — Cities and key infrastructure in the Republic of Korea will soon be better protected against ballistic missiles, aircraft, and other airborne threats. The Republic of Korea awarded Raytheon Company (NYSE: RTN) a $769.4 million Direct Commercial Sale contract to upgrade an undisclosed quantity of Patriot Air and Missile Defense System batteries to the latest Patriot Missile Defense System Solution configuration currently fielded.
"The upgrade enhances the Republic of Korea’s defenses and underscores the value of the 13-nation strong Patriot partnership which funded development of the modernization," said Dan Crowley, President of Raytheon Integrated Defense Systems. "The Republic of Korea’s procurement is also an economic growth engine which will bring good jobs to Korea and preserve jobs in the U.S which would have gone overseas if a foreign system was selected."
The upgrades include:
- Open architecture, which ensures Patriot can operate on a variety of networks
- Modern Man Station, a new operator interface featuring touch screen technology and color graphical displays
- Radar Digital Processor, which improves target detection and identification, enhances surveillance, and supports the PAC-3 MSE missile.
In late 2014, the Republic of Korea awarded Raytheon a Direct Commercial Sales contract for $160M to upgrade its missiles to the GEM-T configuration. This award was announced in Raytheon’s 2014 fourth quarter earnings call.
Patriot is the world’s most modern and capable air and missile defense system, providing protection against a full range of advanced threats, including aircraft, tactical ballistic missiles, cruise missiles and unmanned aerial vehicles. Continually upgraded and enhanced to reflect the latest technology, Patriot is the system of choice for 13 nations around the globe.
Raytheon is the provider of Patriot Air and Missile Defense Systems, both domestically and internationally, and system integrator for PAC-3 missiles.
Raytheon Company, with 2014 sales of $23 billion and 61,000 employees worldwide, is a technology and innovation leader specializing in defense, security and civil markets throughout the world. With a history of innovation spanning 93 years, Raytheon provides state-of-the-art electronics, mission systems integration and other capabilities in the areas of sensing; effects; and command, control, communications and intelligence systems, as well as cyber security and a broad range of mission support services. Raytheon is headquartered in Waltham, Mass Raytheon is headquartered in Waltham, Mass. For more about Raytheon, visit us at: www.raytheon.com and follow us on Twitter @Raytheon
Integrated Defense Systems