WALTHAM, Mass., Aug. 18, 2014 /PRNewswire/ -- Raytheon Company
(NYSE: RTN) announced today its receipt of a decision in the
arbitration between Raytheon Systems Limited (RSL, which is also
known as Raytheon UK) and the United Kingdom Home Office relating
to the eBorders program. The Arbitration Tribunal found that the
Home Office had unlawfully terminated RSL for default in 2010 and
therefore had repudiated the eBorders contract. The Tribunal
denied all Home Office claims for damages and clawback of previous
payments.
The Tribunal awarded to RSL damages and other monetary relief of
approximately £185 million ($309
million). It also found that the Home Office had wrongfully
retained the £50 million ($83
million) it had drawn on RSL letters of credit in
April 2011. The Tribunal reserved
ruling on costs and on the quantification of interest payable to
RSL.
The Tribunal's ruling confirms that RSL delivered substantial
capabilities to the UK Home Office under the eBorders
program. Raytheon remains committed to partnering with the UK
Government on key defense, national security and commercial
pursuits.
About Raytheon
Raytheon Company, with 2013 sales of $24
billion and 63,000 employees worldwide, is a technology and
innovation leader specializing in defense, security and civil
markets throughout the world. With a history of innovation spanning
92 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 cyber security and a broad range of mission
support services. Raytheon is headquartered in Waltham, Mass. For more about Raytheon, visit
us at www.raytheon.com and follow us on
Twitter @raytheon.
Media Contact
Mike
Doble
+1.703.284.4345
corporatepr@raytheon.com
SOURCE Raytheon Company