Raytheon Completes Acquisition of BBN Technologies
MCKINNEY, Texas, Oct. 26, 2009 /PRNewswire/ -- Raytheon Company (NYSE: RTN) announced today that it has completed its acquisition of BBN Technologies, a world leader in research and development, and provider of critical solutions for national defense and security missions. The purchase price is approximately $350 million, subject to post-closing adjustments. The transaction will not materially impact Raytheon's sales or earnings per share for the fourth quarter of 2009, and is expected to be accretive in 2010.
"BBN has tremendous technological capabilities, and we see immediate opportunities for applying its technologies to enhance our products," said Colin Schottlaender, president, Raytheon Network Centric Systems. "The depth of scientific and engineering talent inside BBN is very impressive, and we look forward to better serving our customers through the strengths of our combined organizations." BBN will become part of Network Centric Systems and operate as Raytheon BBN Technologies.
BBN's diverse portfolio encompasses a range of technologies including advanced networking, speech and language technologies, information technologies, sensor systems, and cybersecurity.
Robert G. (Tad) Elmer, president and CEO, BBN Technologies, said, "Becoming part of Raytheon is good for our business, our customers and our employees. Together we will be able to transition very advanced technologies quickly into larger programs, creating both the most advanced systems possible for customers and rich opportunities for our scientists and engineers."
Raytheon Company, with 2008 sales of $23.2 billion, is a technology and innovation leader specializing in defense, homeland security and other government markets throughout the world. With a history of innovation spanning 87 years, Raytheon provides state-of-the-art electronics, mission systems integration and other capabilities in the areas of sensing; effects; and command, control communications and intelligence systems; as well as a broad range of mission support services. With headquarters in Waltham, Mass., Raytheon employs 73,000 people worldwide.
Disclosure Regarding Forward-looking Statements
This release contains forward-looking statements regarding the expected performance of Raytheon following the completion of the acquisition. These forward-looking statements are based on Raytheon's current expectations and are necessarily subject to associated risks related to, among other things, the ability of Raytheon to successfully integrate BBN Technologies and to achieve expected benefits. Actual results may differ materially from what is expressed or implied by the forward-looking statements. For information regarding other related risks, please see the "Risk Factors" section of Raytheon's filings with the Securities and Exchange Commission, including its most recent filings on Form 10-K.
SOURCE Raytheon Company