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 15, 2014 |
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.
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.