TEWKSBURY, Mass., Jan. 22, 2008 /PRNewswire/ -- Raytheon Company (NYSE:
RTN) announced today that it has recently sold its technology for
extracting heavy oil to Schlumberger. Details of the transaction were not
disclosed.
(Photo: http://www.newscom.com/cgi-bin/prnh/20080122/NETU050 )
The technology, which uses a combination of radio frequency (RF) energy
and critical fluids, had been developed as part of a joint development
program between Raytheon and CF Technologies.
"Raytheon is expert in applying RF technology to radar and
communications systems, and with this agreement we look forward to applying
this expertise to the energy industry," said Lee Silvestre, vice president
of Raytheon IDS' Mission Innovation group. "Schlumberger is the world
leader in bringing new technology to the field for the exploration and
production of oil. Its acquisition of this technology is an important
milestone in Raytheon's approach to applying proven technology that can
unlock new potential in adjacent markets."
Integrated Defense Systems is Raytheon's leader in Joint Battlespace
Integration providing affordable, integrated solutions to a broad
international and domestic customer base, including the U.S. Missile
Defense Agency, the U.S. Armed Forces and the Department of Homeland
Security.
Raytheon Company, with 2006 sales of $19.7 billion, is a technology
leader specializing in defense, homeland security and other government
markets throughout the world. With a history of innovation spanning 85
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 a
broad range of mission support services. With headquarters in Waltham,
Mass., Raytheon employs 72,000 people worldwide.
CF Technologies, Inc., a privately held company with an international
reputation as a process innovator in critical fluid technology, has a
history of joint developments with other companies, government agencies,
and non- profit institutions. The company's headquarters in Hyde Park,
Mass., is also the site of its engineering office, test facilities, and
fabrication shop.
Contact:
Mike Nason
703.419.1421
SOURCE Raytheon Company
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Related links:
http://www.raytheon.com
Photo Notes:
NewsCom: http://www.newscom.com/cgi-bin/prnh/20080122/NETU050
AP Archive: http://photoarchive.ap.org
PRN Photo Desk, photodesk@prnewswire.com
CONTACT:
Mike Nason of Raytheon Company,
+1-703-419-1421
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