NEW DELHI, India, Feb. 12, 2008 /PRNewswire/ -- Raytheon Company (NYSE:
RTN) has signed a memorandum of understanding with Precision Electronics
Limited (BSE: PRECISIO) to forge strategic alignments that jointly develop
and provide superior communications technology for India's military forces.
The MOU represents another step toward establishing a strong
collaborative working relationship, encouraging joint pursuit of emerging
business opportunities, and providing for in-country production, offset and
long-term support. This agreement will pave the way for more exchanges of
communications technology and business know-how between India and Raytheon.
"This strategic alignment makes good business sense for Raytheon, PEL
and our common partners as well as for India and its military forces," said
Gregory Vuksich, vice president, Raytheon Network Centric Systems
International Business Development. "Our Indian associates at PEL are
highly respected, proven technology suppliers who bring complementary
capabilities, creativity and innovation of great value to India's military
forces.
"Forming these relationships is a critical aspect of Raytheon's
approach to building a team committed to providing the best high technology
electronics solutions for India's military."
PEL is a market leader in India providing communication solutions to
both the military and civil sectors. Backed by a strong design and
engineering team and a Ministry of Defence-approved manufacturing
infrastructure, PEL is strongly poised to garner substantial defense
business in the near future and is well positioned to take active part in
the offset program.
Raytheon Company, with 2007 sales of $21.3 billion, is a technology
leader specializing in defense, homeland security and other government
markets throughout the world. With a history of innovation spanning more
than 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.
Contact:
Lynford Morton
703.284.4446
lynfordm@raytheon.com
SOURCE Raytheon Company
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Related links:
http://www.raytheon.com
CONTACT:
Lynford Morton of Raytheon Company,
+1-703-284-4446, lynfordm@raytheon.com
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