LEXINGTON, Mass. and ARMONK, N.Y., Aug. 5 /PRNewswire-FirstCall/ --
Raytheon Company and IBM today announced plans to work together to design
custom semiconductors and systems for customers in the aerospace and defense
industry.
The two companies have formed a strategic relationship that brings
together Raytheon's expertise in defense electronics technology and aerospace
and defense, and IBM's leadership in complementary areas such as cutting-edge
chip design, software development, large systems computer architecture and
network integration.
Raytheon and IBM intend to work together to market the solutions they
design.
"This powerful relationship will draw on the two companies' vast
engineering and manufacturing experience, worldwide technical leadership and
expertise, and an in-depth knowledge of industry needs to deliver innovative,
cost-effective mission solutions to our customers," stated Greg Shelton,
corporate vice president of engineering, technology, manufacturing and
quality, Raytheon Company.
"Aerospace and defense are becoming increasingly reliant on the ability to
integrate advanced technology into so-called commercial-off-the-shelf products
(COTS) and we have a great deal of experience and success in this area. Now,
combining many of our skills, our goal will be to deliver designs even
quicker, giving our customers a competitive advantage," said Pat Toole,
general manager, Engineering & Technology Services, IBM Technology Group.
Both companies believe that working cooperatively on existing and new
programs will provide their customers with the best solutions, improve
performance, and provide a foundation for future business. The contract could
be worth up to $100 million to IBM over five years.
The two companies are creating a project office to respond to customer
needs and oversee potential joint projects and contractual engagements.
IBM is a leading information technology company, worldwide, with 80 years
of leadership in helping businesses innovate. IBM helps customers, Business
Partners and developers in a wide range of industries that leverage the power
of the Internet for e-business. For more information about IBM, visit
http://www.ibm.com.
Raytheon Company (NYSE: RTN), with 2002 sales of $16.8 billion, is an
industry leader in defense, government and commercial electronics, space,
information technology, technical services, and business and special mission
aircraft. With headquarters in Lexington, Mass., Raytheon employs more than
76,000 people worldwide.
Raytheon Contact: IBM Contact:
Jim Fetig Cary Ziter
781.860.2386 845.892.5005
SOURCE Raytheon Company
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Related links:
http://www.raytheon.com
CONTACT:
Jim Fetig of Raytheon Company,
+1-781-860-2386; or Cary Ziter of IBM, +1-845-892-5005
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