Raytheon requests debrief after long-range radar contract defeat
WASHINGTON (Reuters) - Raytheon Co (NYSE: RTN) has asked the government for more information about why it lost a contract to build a new long-range radar system before it decides whether or not to challenge the award.
The contract was given to Lockheed Martin Corp (NYSE: LMT).
"We feel good about the solution that we had proposed and how it leveraged our experience and proven performance across a broad spectrum of radar programs,” Chief Financial Officer Toby O'Brien told Reuters on Thursday after the release of third-quarter results.
He added that a government briefing “will determine our course of action going forward.” He said it was premature to comment on whether they would protest the decision.
Lockheed, the Defense Department's No. 1 supplier, beat out Raytheon and Northrop Grumman Corp (NYSE: NOC) to win the $784 million contract to design and build the new Long Range Discrimination Radar.
U.S. officials have said the radar system, which will be built in Clear, Alaska and is due to start operating in 2020, will expand the ability of the U.S. military to detect and respond to potential missile launches from North Korea.
(Reporting by Idrees Ali; Editing by Jeffrey Benkoe)