SEOUL, South Korea, March 30, 2015 /PRNewswire/ — Cities and key infrastructure in the Republic of Korea will soon be better protected against ballistic missiles, aircraft, and other airborne threats. The Republic of Korea awarded Raytheon Company (NYSE: RTN) a $769.4 million Direct Commercial Sale contract to upgrade an undisclosed quantity of Patriot Air and Missile Defense System batteries to the latest Patriot Missile Defense System Solution configuration currently fielded.
“The upgrade enhances the Republic of Korea’s defenses and underscores the value of the 13-nation strong Patriot partnership which funded development of the modernization,” said Dan Crowley, President of Raytheon Integrated Defense Systems. “The Republic of Korea’s procurement is also an economic growth engine which will bring good jobs to Korea and preserve jobs in the U.S which would have gone overseas if a foreign system was selected.”
The upgrades include:
In late 2014, the Republic of Korea awarded Raytheon a Direct Commercial Sales contract for $160M to upgrade its missiles to the GEM-T configuration. This award was announced in Raytheon’s 2014 fourth quarter earnings call.