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Raytheon Co

April 4, 1995 | From Times Wire Services
Raytheon Co. said Monday that it has agreed to buy E-Systems Inc. for $2.3 billion in cash, creating a $12-billion company and hastening consolidation in the defense industry. "The merger of E-Systems and Raytheon is consistent with our strategy to remain a strong, diversified commercial company and a top-tier player in defense," Dennis Picard, Raytheon chairman and chief executive, said in a statement.
March 14, 2014 | W.J. Hennigan
As the Pentagon moves beyond the relatively low-tech wars in the Middle East and turns its attention to future national security challenges, it has doubled down on sophisticated new radar-jamming devices that aim to render adversaries' air defenses useless. Although the U.S. faced limited resistance in the skies above Iraq and Afghanistan, that would not be the case in Asia, where the Obama administration plans to shift its diplomatic focus and strengthen its defense strategy in the coming decade.
January 11, 2006
* Raytheon Co., Boeing Co. and IBM Corp. formed an alliance to bid for Army computer services work. The five-year program has a value of as much as $20 billion.
January 15, 2014 | By W.J. Hennigan
Defense contractor Raytheon Co. announced Chief Executive William H. Swanson will step down in March and will be replaced by Chief Operating Officer Thomas A. Kennedy. Swanson, who turns 65 in February, has served as the company's CEO since 2003. He will continue to serve as chairman of the board of directors until the company completes the transition process. Kennedy, 58, has served as executive vice president and COO of Raytheon since last April and oversaw the consolidation of Raytheon's six business units to four.
November 10, 1987 | United Press International
An employee of Raytheon Co., a federal defense contractor, was found dead of acute alcohol intoxication inside his rented car early Monday in Georgetown, authorities said. Police found unclassified documents in the car.
November 8, 1989 | United Press International
Raytheon Co. said it has received a $469-million, three-year extension of its contract to give the government of Saudi Arabia training, support and services for a Hawk air defense missile program. The company said the contract modified one signed in 1976.
March 3, 1999
Raytheon Co. said it was in talks with IBM Corp. and Computer Sciences Corp. to contract out computer work that one analyst values at $1 billion. Raytheon, which makes products ranging from Patriot missiles to chips for Iridium cellular phones, expects to make a decision by May.
April 16, 2005 | From Reuters
Defense contractor Raytheon Co. put its chief financial officer on leave amid a Securities and Exchange Commission investigation and offered $51 million to settle both the probe and a separate class-action suit. The SEC investigation was over accounting practices at its Raytheon Aircraft Co. unit from 1997 to 2001. Raytheon said SEC staff had recommended approval of a settlement under which Raytheon would pay a civil penalty of $12 million without admitting or denying any wrongdoing.
November 9, 2013 | By Ralph Vartabedian, This post has been corrected, as indicated below
With a martini in hand, John Cashen was deep in a discussion of military electronics, when a 747 jetliner seemed to float past in slow motion onto LAX's south runway complex. Cashen, who pioneered the radar-evading design of the B-2 Stealth bomber, stopped to watch the plane - just a few hundred yards away - thunder past his table at the Proud Bird, the aerospace industry's favorite watering hole for more than a half-century. "There's no place else like this in the world," said Cashen, 76, who retired from Northrop Grumman in 1993 but still consults for the firm.
July 9, 2013 | By W.J. Hennigan
The Navy awarded a $279.4-million contract to Raytheon Co. to build the next generation of electronic attack jammers, which spew radio waves and emit other electromagnetic noise to jumble enemy signals. Electronic warfare technology -- much of it top secret -- aims to counterbalance foreign militaries' multimillion-dollar investments in shoring up air defenses and continuing advancements in radar detection. The technology is key to the military executing bombing missions. Military aircraft outfitted with jammers accompany fighter jets and bombers.
July 5, 2013 | By W.J. Hennigan
The Pentagon's Missile Defense Agency once again missed hitting its desired target during flight test of an interceptor missile from Vandenberg Air Force Base, northwest of Santa Barbara. The failure of the $214-million test Friday involved a ground-based defense system, designed by Boeing Co., to defend the U.S. from long-range ballistic missile attacks. The Missile Defense Agency now has a testing record of eight hits out of 16 intercept attempts with the “hit-to-kill” warheads.
April 25, 2013 | By Seema Mehta
Every year on Patriots Day, Heather Abbott and her friends take the train from Providence, R.I., to Boston and watch the Red Sox game before meeting other friends for drinks. The 38-year-old and two girlfriends had just arrived at a bar on Boylston Street and were waiting in line when Abbott heard an explosion near the finish line of the Boston Marathon. The force of the blast pushed the group inside the bar. “I remember turning around and looking and seeing people screaming,” Abbott said Thursday at a press conference at Brigham & Women's Hospital in Boston.
January 22, 2008 | Mark Jewell, The Associated Press
Major defense contractor Raytheon Co. is selling microwave technology to a large oil field services company to extract oil reserves in the West's vast underground shale deposits. In a deal to be announced today, Schlumberger Ltd. is buying technology that Raytheon developed with Boston-based CF Technologies, which supplied expertise to extract oil using so-called supercritical liquid carbon dioxide.
March 16, 2007 | From the Associated Press
Three former Raytheon Co. executives have agreed to pay $1.5 million to settle Securities and Exchange Commission charges that they participated in accounting violations at the company's civil aircraft unit. The SEC said the former executives were either involved in or aware of accounting practices that "operated as a fraud" by disguising the aircraft subsidiary's deteriorating financial health from 1997 to 2001. The executives -- Franklyn A.
November 10, 2001 | Bloomberg News
Raytheon Co. and Washington Group International Inc. agreed to settle a legal dispute stemming from defense contractor Raytheon's sale of its construction unit to Washington Group. Washington Group agreed to drop three lawsuits against Raytheon, and Raytheon will surrender an estimated $900 million in claims pending against the construction company.
February 24, 1998
Raytheon Co.'s Raytheon Systems unit said Monday it has been awarded a $13.8-million contract to install 91 surface search radar systems on Coast Guard cutters. The contract also has options for additional radars and components for vessel traffic services systems. The Coast Guard contract was awarded after an evaluation period, Raytheon said. The work will be performed at Raytheon's naval facility in Fullerton and at Kuchera Defense Systems, a Raytheon subcontractor in Johnstown, Pa.
February 20, 2007 | From Bloomberg News
Raytheon Co., BAE Systems and rivals said they expected six Persian Gulf Arab states, including Saudi Arabia, to buy more military equipment such as missiles and drones this year amid local leaders' rising concern over Iran. Raytheon, BAE, Lockheed Martin Corp. and Boeing Co. are among 900 defense exhibitors at International Defense Exhibition being held this week in Abu Dhabi, United Arab Emirates.
October 27, 2006 | From Reuters
Raytheon Co. said third-quarter profit rose 41%, helped by higher sales of military equipment and business jets and a reduction in pension costs. The top-tier defense contractor, which makes Tomahawk missiles, a range of defense electronics and Hawker business jets, also raised its full-year earnings forecast but said it expected 2007 profit just below Wall Street's average estimate. The Waltham, Mass.
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