PARIS, June 18 /PRNewswire/ -- Raytheon Company (NYSE: RTN) and Thales
(Paris: TCFP.PA and London: THS) today announced that all required U.S. and
European regulatory approvals have been obtained for their new joint venture,
Thales Raytheon Systems. Operations began June 1, 2001.
Thales Raytheon Systems is an equally owned transatlantic joint venture
encompassing air defense/command and control centers and ground-based air
surveillance and weapons locating radars. The Chairman of Thales Raytheon
Systems is Reynald Seznec of Thales, and the Chief Executive Officer is
Phillip George of Raytheon.
The new enterprise has operating subsidiaries in Fullerton, Calif., and in
the greater Paris metropolitan area. It has about 1,300 employees worldwide
and pro forma revenues of $600 million (675 million euros).
Command and control systems for air operations and air defense, which
include surveillance radars and command and control centers, provide
protection against air threats, identify approaching targets, initiate
defensive measures as appropriate, and plan and prepare offensive missions
over a specified area. Such systems are linked to airborne sensors, surface-
to-air missiles, air bases or battalions.
Weapons locating radars locate ground positions of artillery, mortars or
rockets, providing targeting information to ground forces.
Raytheon Chairman and Chief Executive Officer Daniel P. Burnham said, "The
launch of Thales Raytheon Systems heralds a new era in transatlantic
relations. This joint venture takes us beyond a program-by-program arrangement
to one that will create a long-term, stable relationship of benefit to our
customers and our respective companies alike."
Denis Ranque, Thales Chairman and Chief Executive Officer, said, "Thales
Raytheon Systems is truly a unique initiative. It will bring together
complementary products and the resources of both companies to solve our
customers' current problems and to address their future challenges."
Raytheon and Thales have in the past successfully collaborated as partners
on a number of common projects. For example, in 1996 the companies formed Air
Command Systems International (ACSI) to provide NATO with a fully
interoperable, common air operation command and control system to support all
offensive and defensive air operations. In December 1997, a Raytheon-Thales
Consortium began work on the FLORAKO air defense system for Switzerland.
Note to Editors: This was initially released at the Paris Air Show earlier
today.
Contacts:
Raytheon Company (U.S.) - Dave Shea, 703.284.4245
Raytheon Company (Europe, Middle-East, Africa) - Paul E. Stefens
32.2.778.49.55
Thales - Matt Pothecary, 33.1.53.77.8626
SOURCE Raytheon Company
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Related links:
http://www.raytheon.com
CONTACT:
Raytheon Company (U.S.): Dave Shea,
703-284-4245, or Raytheon Company (Europe, Middle-East, Africa):
Paul E. Stefens, 32.2.778.49.55; or Matt Pothecary of Thales
33.1.53.77.8626
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