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The Associated Press June 21, 2011, 1:18PM ET

Raytheon lands $1.7B contract from Saudi Arabia

Raytheon Co. said Tuesday that it has received a $1.7 billion contract to upgrade Saudi Arabia's Patriot missile defense system.

The defense contractor is to provide training, support equipment and ground hardware to upgrade Saudi Arabia's Patriot Air and Missile Defense System to the latest configuration.

Raytheon first supplied the Patriot system to Saudi Arabia in the 1990s, the company said.

Work on the contract will be performed at the Integrated Air Defense Center in Andover, Mass., and in Saudi Arabia, the company said.

Raytheon said its 2010 revenue was $25 billion. It said it has provided Patriot defense systems to 12 countries around the world. Its other products include defense electronics; command, communication and intelligence systems and other military support services.

Raytheon shares rose 51 cents, or 1 percent, to $49.52 in afternoon trading.


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