Raytheon receives approval for $1.7 billion Patriot sale to Saudi Arabia

Posted by Skyler Frink

TEWKSBURY, Mass., Nov. 30, 2011. Raytheon Company (NYSE: RTN) has received U.S. Congressional and State Department approvals on a $1.7 billion Direct Commercial Sales contract to upgrade the Kingdom of Saudi Arabia's Patriot Air and Missile Defense System to the latest Configuration-3. The award, announced earlier this year, includes ground-system hardware, a full training package, support equipment upgrades and an interoperability capability to support potential coalition operations.

Patriot is an air and missile defense system that protects against a full range of threats, including aircraft, tactical ballistic missiles, cruise missiles and unmanned aerial vehicles. It is the system of choice for 12 nations around the globe.

Raytheon is the prime contractor for both domestic and international Patriot Air and Missile Defense Systems and system integrator for Patriot Advanced Capability-3 missiles.