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 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.
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.
July 23, 2005 |
About 350 janitors who clean the local plants and offices of Boeing Co., Northrop Grumman Corp. and Raytheon Co. agreed to a contract to end their nearly three-week strike against two cleaning contractors. Servicon Systems Inc. and Somers Building Maintenance Inc. agreed to increase base pay to $8.10 from $7.25 an hour over three years and to give workers healthcare insurance starting in the third year of the contract. A third maintenance company that was struck July 6, Aramark Corp.
May 26, 2004 |
PricewaterhouseCoopers, the biggest U.S. accounting firm, will pay $50 million to settle a lawsuit filed by Raytheon Co. investors claiming that the auditor approved misleading Raytheon financial statements. Raytheon this month agreed to pay $410 million to settle the shareholders' lawsuit against the company. Pricewaterhouse said it didn't admit liability in resolving the case. Shareholders began filing lawsuits against Raytheon after the company said Oct.
January 14, 2003 |
Raytheon Co., the subject of three Securities and Exchange Commission inquiries since 2000, said the agency is investigating accounting at a unit that makes Beech Jet and King Air commercial aircraft. The SEC is reviewing accounting at Raytheon's commuter aircraft business from 1997 to 2001. The fourth-largest U.S. defense contractor restated revenue in 2000 for the prior three years to reflect a change in revenue recognition. An SEC spokesman wouldn't comment.