WALTHAM, Mass., March 26, 2007 /PRNewswire-FirstCall/ -- Raytheon
Company (NYSE: RTN) has completed the sale of its wholly owned subsidiary
Raytheon Aircraft Company (RAC) to Hawker Beechcraft Inc., a new company
formed by GS Capital Partners, an affiliate of Goldman Sachs, and Onex
Partners for approximately $3.3 billion in cash. The sale was first
announced on December 21, 2006.
The transaction includes Raytheon Aircraft facilities and other assets
in Wichita and Salina, Kansas; Little Rock, Arkansas; Dallas, Texas; as
well as its Fixed Based Operations (FBO) network across the United States,
the United Kingdom and Mexico.
"Completing the sale of Raytheon Aircraft Company gives us further
opportunity to invest in and grow our government and defense business and
to deliver value to our shareholders," said William H. Swanson, Raytheon's
Chairman and CEO.
The Company expects to use a portion of the after tax sale proceeds for
the early retirement of approximately $1.0 billion of the Company's debt
and for the Company's stock repurchase program. As previously announced,
the Board of Directors has, subject to the closing of the sale, authorized
the early retirement of debt and an increase of $750 million in the total
authorization for the Company's stock repurchase program.
The transaction does not include Raytheon's ownership in either Flight
Options, LLC or Raytheon Airline Aviation Services LLC, both of which are
reported in the "Other" segment of the Company's financial statements.
Raytheon Company, with 2006 sales of $20.3 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 80 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 73,000 people worldwide.
Media Contact: Investor Relations Contact:
Mac Jeffery Greg Smith
781-522-5111 781-522-5141
SOURCE Raytheon Company
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Related links:
http://www.raytheon.com
CONTACT:
Media, Mac Jeffery, +1-781-522-5111, or
Investor Relations, Greg Smith, +1-781-522-5141, both of Raytheon
Company
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