January 2, 1990 |
Raytheon Co. won a $273.7-million contract to build three sophisticated over-the-horizon radar systems for the Navy, the company said. The work, to be done at its manufacturing plant in Waltham and engineering facilities in Sudbury and Wayland, will not require new hiring but will "help maintain our manufacturing (employment) base," said Maria McClellan, a company spokeswoman. The market for such systems could nearly quadruple to about $1 billion in the next few years, McClellan said.
July 2, 2002 |
Raytheon Co., which sold its construction unit two years ago, said completing two Massachusetts power plants it guaranteed will cost as much as $1.26 billion, or four times initial estimates. Washington Group stopped work on the plants and then filed for bankruptcy projection in May 2001, accusing Raytheon of hiding cost overruns. Raytheon has raised its cost estimate three times since it had to take back the projects from Washington Group. Shares of Lexington, Mass.-based Raytheon fell $3.
May 31, 1990 |
Raytheon Co. has won a $414-million contract for air defense guided missile systems for Italy. The Raytheon portion of the missile systems will be paid for almost equally by the governments of the United States and Italy, the company said. Raytheon said it already has received $204 million in initial funding for Patriot missile ground equipment "for the air defense of Italy against aircraft, cruise missiles and tactical ballistic missiles."
October 16, 1997
Hughes Electronics Corp., a division of General Motors Corp., said it will move its corporate headquarters to El Segundo, from its current site in the Westchester area of Los Angeles. The current corporate office will be taken over by Raytheon Co. at the close of the transaction, making Hughes' defense operations part of Raytheon. About 340 people are expected to begin occupying a building on North Sepulveda Boulevard early next year. Hughes' automotive electronics unit will be folded into GM.
October 19, 2000 |
Lockheed Martin Corp. beat out Raytheon Co. for a contract to produce the next generation of targeting electronics for the Army's top attack helicopter, according to Army officials. Lockheed Martin and teammate Boeing Co. will develop and integrate a new system of heat-seeking sensors and targeting gear to replace the 1970s technology now used on the AH-64 Apache antitank helicopter.
December 19, 1997 |
General Motors Corp., ending a dozen-year run as one of the nation's biggest defense contractors, said Thursday that it completed the $9.8-billion spinoff and sale of its Hughes Electronics defense unit to Raytheon Co. The long-awaited deal and restructuring of Los Angeles-based Hughes also included the transfer of Delco Electronics, its automotive systems unit, back to GM's main car- and truck-parts unit, Delphi Automotive Systems.
January 24, 1998 |
In a sharp and unexpected blow to the Southern California aerospace industry, Raytheon Co. announced Friday that it will eliminate 5,200 jobs at facilities stretching from Santa Barbara to San Diego during the next two years. The brunt of the cuts will fall on the former Hughes Aircraft enclave in El Segundo, where several major buildings will be vacated, some manufacturing operations shipped out of state and 1,100 employees will lose their jobs. Layoffs will start next month.