(By Balaseshan) Raytheon Co. (NYSE: RTN) said its new-production Patriot Air and Missile Defense System has received the U.S. Army's final stamp of approval after undergoing stringent testing.
During the testing, Patriot's performance was outstanding when subjected to challenging climatic and electromagnetic environments.
Since last year, the Patriot system has undergone the U.S. Army's rigorous testing of every component of the modernized system. Patriot performance consistently exceeded expectations in all eight flight tests in a variety of terrain and weather conditions.
"This approval validates the modernized Patriot system's readiness to counter evolving threats and protect warfighters and allies in a combat situation," said Sanjay Kapoor, vice president for Integrated Air and Missile Defense at Raytheon's Integrated Defense Systems business.
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Patriot is the world's most capable air and missile defense system, protecting against a full range of advanced threats, including aircraft, tactical ballistic missiles, cruise missiles and unmanned aerial vehicles. It is the system of choice for 12 nations around the globe.
Raytheon is the prime contractor for both domestic and international Patriot Air and Missile Defense Systems and system integrator for Patriot Advanced Capability-3 missiles.
Raytheon is a technology company specializing in defense, homeland security and other government markets worldwide. It provides electronics, mission systems integration and other capabilities in the areas of sensing, effects, and command, control, communications and intelligence systems (C3I), as well as a range of mission support services.
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RTN is trading down 0.78% at $55.62 on Monday. The stock has been trading between $42 and $58.68 for the past 52 weeks.