RIYADH, Saudi Arabia,
May 20, 2017 /PRNewswire/ -- In
a ceremony witnessed by the Custodian of the Two Holy Mosques, King
Salman bin Abdulaziz Al Saud, and
U.S. President Donald J. Trump,
Raytheon Company (NYSE: RTN) and the Saudi Arabia Military
Industries Company today signed a Memorandum of Understanding to
cooperate on defense-related projects and technology
development.
The agreement will enable continued global growth for Raytheon
in key market areas such as Air Defense Systems, Smart Munitions,
C4I Systems and Cyber Security of Defense Systems and Platforms.
This partnership will also contribute directly to the Kingdom of Saudi Arabia's localized defense
ecosystem with regional expert capabilities, and will provide a
long-term foundation for Saudi
Arabia's economic development.
"This strategic partnership is the next step in our over 50-year
relationship in the Kingdom of Saudi
Arabia and a strong indicator of our continued global
growth," said Thomas A. Kennedy,
Raytheon Chairman and CEO. "By working together, we can help build
world-class defense and cyber capabilities in the Kingdom of Saudi Arabia."
As part of this new agreement, Raytheon today announced plans to
establish Raytheon Arabia, a Saudi
legal entity wholly-owned by Raytheon that will focus on
implementing programs to create indigenous defense, aerospace and
security capabilities in the Kingdom. The new company will be based
in Riyadh and is expected to
include in-country program management, supply and sourcing
capabilities, improved customer access and centralized
accountability. These programs will positively impact Saudi and
U.S. economies including job creation.
About Raytheon
Raytheon Company, with 2016 sales of $24
billion and 63,000 employees, is a technology and innovation
leader specializing in defense, civil government and cybersecurity
solutions. With a history of innovation spanning 95 years, Raytheon
provides state-of-the-art electronics, mission systems integration,
C5I™ products and services, sensing,
effects, and mission support for customers in more than 80
countries. Raytheon is headquartered in Waltham, Massachusetts. Follow us on
Twitter.
Media Contact
Dave
Desilets
1-781-522-5855
Corporate-PR@raytheon.com
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/raytheon-and-saudi-arabia-military-industries-announce-strategic-partnership-300461082.html
SOURCE Raytheon Company