Raytheon gets USD123m contract from Republic of Korea

25 February 2014

Raytheon Company (NYSE: RTN) said it signed a USD123m contract to deliver nine Phalanx Block 1B Close-In Weapon Systems to the Republic of Korea Navy.

Under the direct commercial sale, the largest ever for the Phalanx program, Raytheon will deliver the Phalanx systems for installation aboard the FFX Batch II frigate-class ships and AOE II-class fast combat support ships.

Deliveries will begin in 2016 and are scheduled to be completed in 2022. The contract was signed during the fourth quarter 2013.

Phalanx is a rapid-fire, computer-controlled radar and 20 mm gun system that automatically acquires, tracks and destroys enemy threats that have penetrated all other ship defense systems. More than 890 systems have been built and deployed in the navies of 25 nations.

Raytheon is a technology and innovation leader specializing in defense, security and civil markets throughout the world. The company is headquartered in Waltham, Mass. Its website is at www.raytheon.com and on Twitter @Raytheon.

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