WASHINGTON, Dec. 21 /PRNewswire/ -- The Fiscal Year 2002 Defense
Appropriations Bill passed by the Congress on December 20th as well as the
Emergency Supplemental contain some very good news for
Raytheon Company (NYSE: RTN), a senior Raytheon official said today.
Tom Culligan, Raytheon executive vice president for Business Development,
said that the bill, which the President is expected to sign soon, contains
approximately $110 billion in the investment accounts, which fund the more
than 450 major programs in which Raytheon has a stake in the fiscal year which
began Oct. 1, 2001.
"Clearly we are pleased with the results of the work done by the House and
Senate conferees," Culligan said. "The $350 million in Emergency funding to
remanufacture older Tomahawk missiles plus the $24.5 million added by the
Congress to accelerate fielding of the new Tactical Tomahawk are just a couple
of key examples of important initiatives for Raytheon in support of national
security requirements."
Culligan emphasized that Raytheon is a company with more than 4000 defense
programs. "As a top tier defense electronics company, our forte is to be a
provider to major platform manufacturers, which means you see Raytheon's brand
name everywhere -- from tanks and rifles to ships, aircraft and UAVs," he
said.
The overall bill provides $317.4 billion in new spending authority, an
increase of $19.2 billion over last year's levels. Additionally, a further
$17.2 billion was provided in the Emergency Supplemental for Defense. "We were
particularly pleased to see real growth in the Procurement and Research &
Development accounts, which increased more than $10 billion over last year's
levels including the Supplemental additions in these accounts," Culligan said.
"The Ballistic Missile Defense accounts were funded at $7.8 billion, an
increase of $2.5 billion over last year's levels. Raytheon has a major stake
in virtually all aspects of Missile Defense, and despite the recent action to
terminate and restructure the Navy Area Defense program, we still see
significant growth in this mission area for the company."
Several other key actions by the Congress, which affect Raytheon, include:
-- The addition of $45 million for upgrades and modifications to existing
F/A-18 aircraft to enhance their combat capabilities.
-- More than $65 million in additional funding for Cooperative Engagement
Capability enhancements and production, assisting in fielding this
critical capability to the fleet.
-- An additional $30.8 million to procure seven T-6 Texan JPATS aircraft
to meet urgent Navy flying training shortfalls.
-- More than $25 million for several critical Army research and
development initiatives to help develop key transformational
technologies for the Army.
-- More than $40 million for several key sensor development and upgrade
programs for Air Force reconnaissance assets to better enable the
service to respond to emerging threats.
-- Close to $400 million, mostly in the Supplemental, to procure
additional reconnaissance aircraft for the Air Force and Navy.
Culligan said, "We are proud of our systems and capabilities and continue
to work closely with our key customers in the Department of Defense to help
them field the most capable systems to meet ongoing military requirements. We
are particularly pleased to be able to provide assets to best respond to the
new threats we face today."
With headquarters in Lexington, Mass., Raytheon Company is a global
technology leader in defense, government and commercial electronics, and
business and special mission aircraft.
Contact:
Dave Shea
703.284.4245
SOURCE Raytheon Company
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Related links:
http://www.raytheon.com
CONTACT:
Dave Shea of Raytheon Company,
+1-703-284-4245
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