Raytheon (RTN) Announces Agreement with U.S. Army to Sell Patriot Missile Defense System to Romanian Government
- Wall St ends up with Goldman; Dow posts biggest weekly rise since June
- Goldman Sachs (GS) Smashes Analyst 3Q Views on Robust M&A and Underwriting Activity
- Tesla (TSLA) Stock: Jefferies Raises Price Target on Higher Capacity Ramp and Sustained Demand, Berlin Giga Will Set New Design and Assembly Standards Says Analyst
- Food, fuels lift U.S. import prices in September
- SEC to Allow First Ever Bitcoin (BTC) ETF - Report
Get instant alerts when news breaks on your stocks. Claim your 1-week free trial to StreetInsider Premium here.
The government of Romania signed an agreement to purchase Raytheon's (NYSE: RTN) combat proven Patriot from the U.S. Army. The agreement, formally referred to as a Letter of Offer and Acceptance, paves the way for Romania's Patriot force to rapidly reach Initial Operational Capability, and sets the stage for the U.S. government to begin contract negotiations with Raytheon.
Patriot is a purely defensive system that is the backbone of NATO's defense against ballistic and cruise missiles, advanced aircraft and drones. Romania's procurement of the system will help the country meet its NATO commitment to spend at least 2% of its Gross Domestic Product on defense.
"With its newly built Patriot capability, Romania's military will have the ability to defend Romania and its NATO allies," said Tom Laliberty, Raytheon vice president of Integrated Air and Missile Defense. "Patriot will also enable Romanian air defenders to train, exercise and interoperate with their U.S. and European counterparts."
Thirteen other nations depend on Patriot to protect their citizens and armed forces, including the U.S. and four other European nations: Germany, Greece, the Netherlands and Spain.
"This procurement will create jobs in both the U.S. and Romania," Laliberty added. "Raytheon is developing long-term relationships with Romanian companies to help us build and sustain Romania's Patriot fleet."
Romania will receive the Patriot Configuration 3+, the most advanced configuration available, as well as an undisclosed quantity of GEM-T and PAC-3 MSE interceptor missiles. These interceptors will enable Romania's military to defeat current and emerging threats.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- UPDATE: Tesla (TSLA) To Roll Out FSD Beta 10.3; Pushes Software to Investor with Poor 'Safety Score'
- Square (SQ) is considering building a Bitcoin mining system, Dorsey says
- Exela Technologies (XELA) Expands Relationship with a Leading HMO
Create E-mail Alert Related CategoriesCorporate News, Management Comments
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!