Weekly News Roundup: Raytheon (NYSE:RTN)

Here’s a round-up of Raytheon (NYSE:RTN) stock briefings from this week. Raytheon (NYSE:RTN) shares ended the week at 51.21 (as of 4/1/2011).

Weekly News Roundup: Raytheon (NYSE:RTN)

Monday 28 March

Raytheon (NYSE:RTN) has decided to reduce its Fort Wayne work force.
Raytheon (NYSE:RTN) has announced that it is cutting 60 positions from its operations in Fort Wayne.

David Desilets, a spokesman at Raytheon (NYSE:RTN) said that, “Of the 60 layoffs, 25 of those people volunteered to leave the company. The layoffs will bring the number of Raytheon workers in Fort Wayne from 1,100 to 1,040. Efforts are underway to help those affected find other work elsewhere or other positions within the company. Laid-off workers will receive severance packages based on years of service.”

Tuesday 29 March

Raytheon (NYSE:RTN) has been awarded a contract worth up to $2.5 billion from the U.S. Army.
Raytheon (NYSE:RTN)’s Technical Services Company LLC has secured a contract from U.S. Army Forces Command to cover work on an expedited process for operational customers in the Army and Department of Defense.

This Operations, Planning, Training and Resource Support Services II contract covers a range of activity, including operational planning and training.

John Harris, the president of Raytheon (NYSE:RTN) Technical Services Company said that, “RTSC’s strong capabilities in training, logistics and engineering services are key enablers in our OPTARSS II team’s ability to meet the customer’s mission requirements. We have assembled a diverse team of small-, medium- and large-business partners, all of which are focused on offering services and solutions to our war fighters, anytime and everywhere.”

Wednesday 30 March

Raytheon (NYSE:RTN) has appointed Mark Kula as the Vice President of Tactical Airborne Systems.
Raytheon (NYSE:RTN) has named Mark Kula as the vice president of Tactical Airborne Systems for Raytheon (NYSE:RTN) Company’s Space and Airborne Systems business.

Mark Kula will be responsible for the TAS program and financial performance, new business capture, and strategic vision, planning and execution.

Rick Yuse, the president of Space and Airborne Systems at Raytheon (NYSE:RTN) said that, “Mark brings an extensive knowledge of defense technology and information systems to Raytheon. His expertise and experience will ensure the highest level of support continues for our military customers worldwide.”

Thursday 31 March

Raytheon (NYSE:RTN) has been awarded a $312 million contract for a new missile interceptor.
Tucson-based Raytheon (NYSE:RTN) Missile Systems has won a $312 million contract for the Standard Missile-3 Block IB, a next-generation missile interceptor that is a key part of a planned missile shield for Europe.

The contract is a key milestone in preparation for the first SM-3 Block IB flight test, coming later this year.

The work will be performed in Tucson for completion in June 2013. Earlier this month, Raytheon (NYSE:RTN) was awarded a separate, $75 million contract for engineering development of the SM-3.

Friday 1 April

Raytheon (NYSE:RTN) Vision Systems has won the Herschel Award for Technology Development 2011.
An arm of Raytheon (NYSE:RTN), Raytheon Vision Systems, has won its fifth Herschel Award since 1987 in recognition of technological breakthroughs.

Mike Prout, the general manager of Raytheon (NYSE:RTN) Vision Systems said that, “The receipt of the 2011 Herschel Award highlights the importance of our Silicon P-i-N technology and emphasizes our leadership position in high-performance visible detection capabilities. Raytheon’s new Silicon P-i-N focal plane arrays are being utilized in space-based surveillance applications that encompass stringent performance requirements in terms of sensitivity, uniformity and operability.”