Raytheon Shareholders Vote to Reclassify Class A and Class B Common Stock and Enact Reverse/Forward Stock Split to Cash out Shareholders With Fewer than 20 Shares

Apr 25, 2001, 01:00 ET from Raytheon Company

    LEXINGTON, Mass., April 25 /PRNewswire/ --Raytheon Company
 (NYSE:   RTNA, RTNB) announced today that its shareholders voted to reclassify
 the company's Class A and Class B common stock and approved a plan to cash out
 shareholders who own fewer than 20 shares of common stock.  The votes were
 tallied at the company's annual meeting today.
     The vote to eliminate the company's dual class structure allows Raytheon
 to convert each outstanding share of Class A and Class B common stock into one
 share of a new, single class of common stock.  The company believes the
 consolidation will increase overall liquidity and eliminate any confusion of
 having two classes of common stock.
     By approving the company's proposal of a 20-for-1 reverse-forward stock
 split, Raytheon shareholders have supported the company's plan to cash out the
 approximately 325,000 shareholders who own fewer than 20 shares of common
 stock.  By reducing this number the company could save up to $2 million
 annually of administrative costs, primarily related to record-keeping and
 shareholder mailings.
     The company expects to effect the reverse-forward stock split on May 14,
 2001.  Conversion to a single class of common stock is expected to occur
 immediately after the reverse-forward split is completed.  Raytheon's new
 common stock will continue to be traded on the New York Stock Exchange, which
 will notify the company of its new common stock symbol.
     With headquarters in Lexington, Mass., Raytheon Company is a global
 technology leader in defense, government and commercial electronics, and
 business and special mission aircraft.
 
     Forward-looking statement
     Certain statements made in this release constitute forward-looking
 statements within the meaning of the Private Securities Litigation Reform Act
 of 1995 regarding the company's future plans, objectives, and expected
 performance.  Specifically, statements that are not historical facts,
 including statements accompanied by words such as "expect," "intend," or
 "plan" are intended to identify forward-looking statements and convey the
 uncertainty of future events or outcomes.  The company cautions readers that
 any such forward-looking statements are based on assumptions that the company
 believes are reasonable, but are subject to a wide range of risks, and actual
 results may differ materially.  Important factors that could cause actual
 results to differ include, but are not limited to: risks associated with
 implementing the reverse-forward stock split and/or the reclassification;
 risks that the company may not implement the reverse-forward stock split
 and/or the reclassification; and risks associated with the company's inability
 to predict the effect of the proposals or their enactment on the prices of
 either its Class A shares or its Class B shares or the new common stock to be
 issued.
 
      Contact:
      David Polk
      781.860.2386
 
                      MAKE YOUR OPINION COUNT - Click Here
                http://tbutton.prnewswire.com/prn/11690X00753758
 
 

SOURCE Raytheon Company
    LEXINGTON, Mass., April 25 /PRNewswire/ --Raytheon Company
 (NYSE:   RTNA, RTNB) announced today that its shareholders voted to reclassify
 the company's Class A and Class B common stock and approved a plan to cash out
 shareholders who own fewer than 20 shares of common stock.  The votes were
 tallied at the company's annual meeting today.
     The vote to eliminate the company's dual class structure allows Raytheon
 to convert each outstanding share of Class A and Class B common stock into one
 share of a new, single class of common stock.  The company believes the
 consolidation will increase overall liquidity and eliminate any confusion of
 having two classes of common stock.
     By approving the company's proposal of a 20-for-1 reverse-forward stock
 split, Raytheon shareholders have supported the company's plan to cash out the
 approximately 325,000 shareholders who own fewer than 20 shares of common
 stock.  By reducing this number the company could save up to $2 million
 annually of administrative costs, primarily related to record-keeping and
 shareholder mailings.
     The company expects to effect the reverse-forward stock split on May 14,
 2001.  Conversion to a single class of common stock is expected to occur
 immediately after the reverse-forward split is completed.  Raytheon's new
 common stock will continue to be traded on the New York Stock Exchange, which
 will notify the company of its new common stock symbol.
     With headquarters in Lexington, Mass., Raytheon Company is a global
 technology leader in defense, government and commercial electronics, and
 business and special mission aircraft.
 
     Forward-looking statement
     Certain statements made in this release constitute forward-looking
 statements within the meaning of the Private Securities Litigation Reform Act
 of 1995 regarding the company's future plans, objectives, and expected
 performance.  Specifically, statements that are not historical facts,
 including statements accompanied by words such as "expect," "intend," or
 "plan" are intended to identify forward-looking statements and convey the
 uncertainty of future events or outcomes.  The company cautions readers that
 any such forward-looking statements are based on assumptions that the company
 believes are reasonable, but are subject to a wide range of risks, and actual
 results may differ materially.  Important factors that could cause actual
 results to differ include, but are not limited to: risks associated with
 implementing the reverse-forward stock split and/or the reclassification;
 risks that the company may not implement the reverse-forward stock split
 and/or the reclassification; and risks associated with the company's inability
 to predict the effect of the proposals or their enactment on the prices of
 either its Class A shares or its Class B shares or the new common stock to be
 issued.
 
      Contact:
      David Polk
      781.860.2386
 
                      MAKE YOUR OPINION COUNT - Click Here
                http://tbutton.prnewswire.com/prn/11690X00753758
 
 SOURCE  Raytheon Company