WALTHAM, Mass., July 1, 2016 /PRNewswire/ -- Raytheon Company
(NYSE: RTN) and Thales (Euronext Paris: HO) have reached an
agreement and concluded the transaction to transition the
stakeholder positions they each hold in the ThalesRaytheonSystems
joint venture structure – TRS LLC US Operations and TRS SAS French
Operations.
The ThalesRaytheonSystems joint venture has been restructured to
focus solely on NATO agencies and NATO member nations for the
delivery of the Air Command and Control System, Theatre Missile
Defense, and Ballistic Missile Defense (ACCS). Moving
forward:
- The ground-based radars and non-ACCS-related air command and
control systems currently within the joint venture portfolio will
transition to their parent companies.
- The former TRS LLC – US Operations is now a wholly-owned
subsidiary of Raytheon, Raytheon Command and Control
Solutions.
- The former TRS SAS – French Operations is now a wholly-owned
subsidiary of Thales.
Company structure transitions are effective immediately.
As a result of the transaction, Raytheon made a cash payment to
Thales in the amount of $90M and will
be recording a tax free gain of approximately $150M in its second quarter financial
results.
About Raytheon
Raytheon Company, with 2015 sales of $23
billion and 61,000 employees, is a technology and innovation
leader specializing in defense, civil government and cybersecurity
solutions. With a history of innovation spanning 94 years, Raytheon
provides state-of-the-art electronics, mission systems integration,
C5ITM products and services, sensing, effects, and
mission support for customers in more than 80 countries. Raytheon
is headquartered in Waltham, Mass.
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SOURCE Raytheon Company