Raytheon Gains $100 Million In Patriot Missile Upgrade Sales
Raytheon Co. [RTN] gained a new high of $100 million in sales for Patriot Guidance Enhanced Missile-T (GEM-T) upgrades.
Included here are orders for the U.S. Army and a Foreign Military Sales contract for 230 GEM-T upgrades, plus spares.
The deal bolsters the Raytheon upgrade work to levels not seen since the mid 1990s, benefiting both the Army and foreign buyers with significant price reductions, Raytheon said.
For successive awards, Raytheon reduced the acquisition unit price for the Army. That new price wasn’t announced.
The GEM-T upgrade excels compared to the existing Patriot Advanced Configuration-2 (PAC-2) missile and, when fielded in conjunction with the Patriot Advanced Configuration-3 (PAC-3) system, provides a robust capability against ballistic missiles, cruise missiles, aircraft and remotely piloted vehicles, according to Raytheon.
GEM-T missiles are PAC-2 missiles that are refurbished and modernized, with older components replaced, new technology inserted and reliability increased.
Raytheon IDS is the prime contractor for the Patriot system and system integrator for the PAC-3 system that includes the GEM-T missile.