Raytheon Co. will develop a defence missile system for Australia.

Raytheon Co

Australian Minister of Defence said Raytheon Co. will develop a missile defense system of worth$1.5 billion for Australia.

The technology is built in partnership with a Norwegian company. It is not a new technology infect it is already in use of 7 big countries including the US. Raytheon Co. defense contractors and based in Waltham. They will implement National Advanced Surface to Air Missile System for the Australian military.

Furthermore, as part of the deal, Raytheon Co. is required to hold meet with Australian industrial companies looking to become subcontractors on the project.

Managing director of Raytheon Co. Australia is ready to complete the task for Australians. He said: “Our solution combines proven U.S. and Norwegian technology and Australian innovation backed by local integration and sustainment capability.”

The decision reflects the trusted relationship of Raytheon and ADF, we are happy to work with Australian Defence Force (ADF), it is indeed a step forward not only for us but also for Australian industry.

Raytheon’s stock price ticked up about 1.8 percent on Friday. When after 59 of its Tomahawk missiles were used in the U.S. attack against an air base in Syria. As of early Monday afternoon. Raytheon shares were trading at a little less than $152m about $5 shy of the company’s all-time high stock close of $156.97, which was on March 17 of this year.

Meanwhile, Raytheon Co. won a contract in Qatar off early warning radar system of worth $1.07 billion.

Raytheon Co. sales in 2016 reported $24 billion; the most shares is from foreign sources which are approximately 31%. It employed 63,000 people around the world at the end of 2016, up from 61,000 a year earlier. Raytheon’s market cap is $44.5 billion.

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