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Raytheon Completes Sale of Aircraft Integration Business for $1.13B

LEXINGTON, MA, -- Raytheon Co. has finalized the sale of its aircraft modification and integration business to L-3 Communications for $1.13 billion in cash. The sale was first announced on Jan. 14, 2002.

Under terms of the sale, Raytheon will continue as the prime contractor on the $1.4 billion UK Ministry of Defence ASTOR (Airborne Standoff Radar) program. Raytheon will also retain certain receivables and the Boeing Business Jet program, which is nearing completion.

As previously disclosed, Raytheon expects the sale of Aircraft Integration Systems to be moderately dilutive to earnings in 2002. The after-tax proceeds from the sale will be used for debt reduction and general corporate purposes.



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