Hands across the sea, again, for Raytheon
"Raytheon Company And Thales Launch Global Joint Venture Focused On Air Defense Command And Control And Ground-Based Radar
PARIS, Jun 18, 2001 /PRNewswire via COMTEX/ -- Raytheon Company (NYSE: RTN chart, msgs) and Thales (Paris:TCFP.PA; London:THS) today announced that all required U.S. and European regulatory approvals have been obtained for their new joint venture, Thales Raytheon Systems. Operations began June 1, 2001.
Thales Raytheon Systems is an equally owned transatlantic joint venture encompassing air defense/command and control centers and ground-based air surveillance and weapons locating radars. The Chairman of Thales Raytheon Systems is Reynald Seznec of Thales, and the Chief Executive Officer is Phillip George of Raytheon.
The new enterprise has operating subsidiaries in Fullerton, Calif., and in the greater Paris metropolitan area. It has about 1,300 employees worldwide and pro forma revenues of $600 million (675 million euros).
Command and control systems for air operations and air defense, which include surveillance radars and command and control centers, provide protection against air threats, identify approaching targets, initiate defensive measures as appropriate, and plan and prepare offensive missions over a specified area. Such systems are linked to airborne sensors, surface- to-air missiles, air bases or battalions.
Weapons locating radars locate ground positions of artillery, mortars or rockets, providing targeting information to ground forces.
Raytheon Chairman and Chief Executive Officer Daniel P. Burnham said, "The launch of Thales Raytheon Systems heralds a new era in transatlantic relations. This joint venture takes us beyond a program-by-program arrangement to one that will create a long-term, stable relationship of benefit to our customers and our respective companies alike."
Denis Ranque, Thales Chairman and Chief Executive Officer, said, "Thales Raytheon Systems is truly a unique initiative. It will bring together complementary products and the resources of both companies to solve our customers' current problems and to address their future challenges."
Raytheon and Thales have in the past successfully collaborated as partners on a number of common projects. For example, in 1996 the companies formed Air Command Systems International (ACSI) to provide NATO with a fully interoperable, common air operation command and control system to support all offensive and defensive air operations. In December 1997, a Raytheon-Thales Consortium began work on the FLORAKO air defense system for Switzerland.
Note to Editors: This was initially released at the Paris Air Show earlier today."
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Ironic that am considering taking a nice ST gain on part of my large position. LT, continue to be very positive on the stock.
Cash already at 50+% after last weeks selling of large positions in REMC, KGC and part of lg RTI position for nice ST gain. (Cash under 37-8%, 10 days ago)
Not at all bullish on the market in here. Expecting more downside after this little flurry to the upside.
Isopatch |
