Raytheonsaid Monday that its Integrated Defense Systems unit has been awarded a $769.4 million contract from South Korea to upgrade an undisclosed quantity of PATRIOT air- and missile-defence system batteries.
In a statement, Raytheon officials said the pact will allow the Republic of Korea (ROK) to be better protected against ballistic missiles, aircraft and other airborne threats.
"The upgrade enhances the Republic of Korea's defences and underscores the value of the 13-nation strong PATRIOT partnership which funded development of the modernisation," said Dan Crowley, president of Raytheon IDS, in a statement. "The ROK's procurement is also an economic growth engine which will bring good jobs to Korea and preserve jobs in the US which would have gone overseas if a foreign system was selected."
The deal comes on top of one announced in late 2014, when Korea awarded Raytheon a contract for $160 million to upgrade its missiles to the GEM-T configuration. This award was announced in Raytheon's 2014 fourth quarter earnings call.
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| Raytheon is to upgrade South Korean PATRIOT Air- and Missile-Defence Systems (Photo: Raytheon) |
In a statement, Raytheon officials said the pact will allow the Republic of Korea (ROK) to be better protected against ballistic missiles, aircraft and other airborne threats.
"The upgrade enhances the Republic of Korea's defences and underscores the value of the 13-nation strong PATRIOT partnership which funded development of the modernisation," said Dan Crowley, president of Raytheon IDS, in a statement. "The ROK's procurement is also an economic growth engine which will bring good jobs to Korea and preserve jobs in the US which would have gone overseas if a foreign system was selected."
The deal comes on top of one announced in late 2014, when Korea awarded Raytheon a contract for $160 million to upgrade its missiles to the GEM-T configuration. This award was announced in Raytheon's 2014 fourth quarter earnings call.