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Raytheon Gains $246 Million Patriot Spares Contract For UAE

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The Army gave Raytheon Co. [RTN] a $246 million Foreign Military Sales contract for Patriot system spares for the United Arab Emirates (UAE). The U.S. Army Aviation and Missile Command, Redstone Arsenal, Ala., issued the firm fixed price contract that is initially funded at $123 million, which represents the first delivery order awarded under a five-year agreement for Patriot system spares. "These spare parts are an imperative aspect for UAE to maintain continuous Patriot system readiness," said Sanjay Kapoor, vice…

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