WALTHAM, Mass., March 25, 2015 /PRNewswire/ -- The Institute for Supply Management® and Michigan State University are honoring Raytheon Company (NYSE: RTN) for excellence in supply chain management, a critical dynamic for driving down product and contract costs.
Raytheon's Integrated Defense Systems (IDS) Integrated Supply Chain (ISC) organization received the 2015 "Excellence in Supply Chain Management Award" in recognition of the way the company drove affordability through strategic, collaborative relationships with suppliers.
"This award recognizes our transformational journey that is leading to bottom-line improvements and increased opportunities in a highly competitive marketplace," said Michael Shaughnessy, vice president of integrated supply chain for Raytheon IDS. "In striving to become the customer of choice for our suppliers, we contributed to customer savings of more than 30 percent through our innovative business structure changes and improved supply chain management processes."
These actions dramatically reduce the cost of Raytheon's products and drive excellence in the execution of subcontracts through early involvement in the product life cycle, aggregation of the company's spending and strengthened relationships with strategic suppliers.
Raytheon IDS ISC also formed a Supplier Advisory Council consisting of IDS leaders and senior executives from 13 supplier companies, representing a mix of large and small businesses. Some are publicly-held, some privately-held, and a number are minority-owned. These companies have committed to the council for two years with the goal to bring forward issues of concern, improve partnerships and share opportunities for mutual success.
Raytheon Company, with 2014 sales of $23 billion and 61,000 employees worldwide, is a technology and innovation leader specializing in defense, security and civil markets throughout the world. With a history of innovation spanning 93 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.
SOURCE Raytheon Company