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Raytheon Lands $225M Patriot Missile Defense Contract; Ralph Acaba Comments

PatriotMissileRaytheon (NYSE: RTN) has secured a $225 million contract to provide an additional Patriot missile defense system to an international customer through a direct commercial sale.

The client is a member of a 13-nation group that invests in the Patriot weapon system and awarded the contract more than a month after Poland ordered the same technology from the U.S. government, Raytheon said Monday.

The Netherlands also previously tapped Raytheon to modernize the country’s own Patriot systems.

Ralph Acaba, vice president of Raytheon’s integrated air and missile defense business, said the new customer made the additional Patriot order to help defend against threats from tactical ballistic missiles, cruise missiles and enemy aircraft.

Patriot has completed more than 1, 400 flight tests and 3, 000 ground tests, with more than $7.2 billion in procurement and upgrade investments from the 13 partner nations since December 2014.

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