Raytheon wins Saudi missile-system contract

WALTHAM, Mass. – Raytheon Co., a Massachusetts-based defense contractor with a facility in Portsmouth, has won a $1.7 billion contract with Saudi Arabia to improve that country’s air- and missile-defense systems, The Boston Globe reported. More

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Raytheon wins Saudi missile-system contract

Posted 7/4/11

WALTHAM, Mass. – Raytheon Co., a Massachusetts-based defense contractor with a facility in Portsmouth, has won a $1.7 billion contract with Saudi Arabia to improve that country’s air- and missile-defense systems, The Boston Globe reported.

Patriot systems are defensive weapons, described by the company as protection against “a full range of advanced threats.” Twelve countries use the Patriot missile-defense system.

Industry analysts told the newspaper that the deal was large by defense-industry standards. “This [contract] is part of what Raytheon has been assuming would make its year and now it’s in place,’’ said Howard Rubel, an analyst who follows Raytheon for Jefferies & Co., an investment firm in New York.

Raytheon declined to comment further on the deal. •

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