Joint venture to develop and market automotive radar sensors
LEXINGTON, Mass., Sept. 27 /PRNewswire/ -- Raytheon Company (NYSE: RTN)
and Valeo S.A., a leading automotive systems supplier based in Paris, have
finalized an agreement to create Valeo Raytheon Systems, Inc. This joint
venture will bring advanced technology solutions to the automotive
marketplace, such as blind spot, backup assist and anti-collision warning
systems.
Valeo Raytheon Systems combines Raytheon's expertise in radar technology
with Valeo's automotive engineering, marketing and sales experience.
Raytheon's multi-beam radar technology will augment radar development
activities currently housed within Valeo's Traffic Environment Sensing unit
located in Bietigheim, Germany to create radar sensors.
"The new venture is a vehicle through which Raytheon can funnel technology
originally developed for defense applications into commercial markets," said
Jack Wohler, president of Raytheon Commercial Electronics. "By identifying a
partner that has a strong foothold in the automotive market and a focus on
customer satisfaction, we gain market access and commercial expertise. More
importantly, we will bring technological advances to the market that will
truly address driver needs."
Valeo Raytheon Systems will be led by the newly appointed chief executive
officer, Roland Lartigue, who is currently the general manager of Valeo's
Switches and Detection Systems, North American Division. In addition, Luis
Viana of Raytheon has been appointed chief technology officer.
Raytheon Commercial Electronics (RCE) teamed with Raytheon Commercial
Ventures Inc. (RCVI) to form the new joint venture. The creation of Valeo
Raytheon Systems is Raytheon's third commercialization spin-out since RCVI was
established in February 2001 to create a "commercialization engine" within
Raytheon.
Based in Lexington, Mass, Raytheon Company is a global technology leader
in defense, government and commercial electronics, and business and special
mission aircraft.
Contact:
Amy Hosmer
781.860.2423
SOURCE Raytheon Company
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Related links:
http://www.raytheon.com
CONTACT:
Amy Hosmer of Raytheon Company,
+1-781-860-2423
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