Raytheon and Pannesma name board members for joint venture operation in the Kingdom of Saudi Arabia

LONDON, July 16, 2014 /PRNewswire/ -- Raytheon Company (NYSE: RTN) and Pannesma Company Limited today announced the board members of the Raytheon Atheeb Systems Limited (RASL) Joint Venture company in the Kingdom of Saudi Arabia. The Joint Venture agreement builds upon Raytheon's and Pannesma's long-standing, successful partnership of more than 20 years and their ongoing commitment to support and expand the Saudi Arabian industrial, technology and educational base. Company ownership is Raytheon 51 percent and Pannesma 49 percent.

RASL Board Members are:

• Kimberly Kerry, Raytheon, vice president, C4I Systems, MENA
• Louis Laroche, Raytheon, country leader, Kingdom of Saudi Arabia
• Robert Shanks, Raytheon, vice president, Legal, Raytheon International, Inc.
• Ted Millspaugh, Pannesma, general manager,
• Imad Alabdulqader, Atheeb, vice president, Projects

"Raytheon and Pannesma have had a successful partnership for many years and we look forward to working together to implement new, advanced technology projects within the Kingdom of Saudi Arabia," said Tom Kennedy, Raytheon Chief Executive Officer.

To date, Raytheon and Pannesma have worked collaboratively on a number of projects including the Peace Shield command, control and communications program for the Royal Saudi Air Force. Currently, the companies are executing a major Command, Control, Communications, Computers and Intelligence (C4I) program for the Ministry of Defense.

"Partnering with companies such as Raytheon allows us to bring the best technology and talent to projects within our country," said Prince Abdul Aziz bin Ahmed, Chairman of Pannesma and Atheeb Group. "The truly collaborative relationship we have with Raytheon also creates opportunities to focus on and develop Saudi-based talent."

Pannesma Company Limited

Pannesma Co. Ltd. is a subsidiary of the Atheeb Group that includes 15 companies and 7,000 employees. Pannesma was established in 1981 as an Operation & Maintenance (O&M) services company to meet the growing needs of the Saudi Arabian market for technical and management services. Pannesma provides qualified and experienced professional management and engineering expertise with an intimate knowledge of the marketplace. As a result of experience with both international and national Saudi projects, Pannesma possesses the ability to achieve success in virtually every endeavor. Based on a long history of successful project delivery, Pannesma is a leader in Saudi Arabia in providing command and control, electronic, aircraft maintenance, logistical support and services. For more about Pannesma and Atheeb Group, visit us at www.pannesma.com or www.atheeb.com.

About Raytheon

Raytheon Company, with 2013 sales of $24 billion and 63,000 employees worldwide, is a technology and innovation leader specializing in defense, security and civil markets throughout the world. With a history of innovation spanning 92 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 cyber security and a broad range of mission support services. Raytheon is headquartered in Waltham, Mass. For more about Raytheon, visit us at www.raytheon.com and follow us on Twitter @Raytheon.

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SOURCE Raytheon Company