Raytheon awarded $123 million Phalanx contract from Republic of Korea

TUCSON, Ariz., Feb. 24, 2014 /PRNewswire/ -- Raytheon Company (NYSE: RTN) signed a $123 million contract to deliver nine Phalanx Block 1B Close-In Weapon Systems to the Republic of Korea Navy.

(Photo: http://photos.prnewswire.com/prnh/20140224/NE66690 )

Under the direct commercial sale, the largest ever for the Phalanx program, Raytheon will deliver the Phalanx systems for installation aboard the FFX Batch II frigate-class ships and AOE II-class fast combat support ships.

Deliveries will begin in 2016 and are scheduled to be completed in 2022. The contract was signed during the fourth quarter 2013.

"Phalanx provides the vital protective capabilities needed for the Republic of Korea Navy to achieve its maritime mission requirements in the littorals and high seas in which it operates," said Rick Nelson, vice president of Raytheon's Naval and Area Mission Defense product line. "Phalanx counters sophisticated subsonic and supersonic anti-ship missiles while increasing the outer perimeter for ship self-defense."

About Phalanx
Phalanx is a rapid-fire, computer-controlled radar and 20 mm gun system that automatically acquires, tracks and destroys enemy threats that have penetrated all other ship defense systems. More than 890 systems have been built and deployed in the navies of 25 nations.

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