Raytheon selects IBM for Navy contract |
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Wed, 07 Feb 2007 09:30
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WASHINGTON (AFX) - IBM Corp. on Wednesday said it was selected by defense firm Raytheon Co. to assist in designing an upgraded software system for at least one U.S. Navy Zumwalt destroyer.Waltham, Mass.-based Raytheon received a $3 billion contract from the Navy to design mission systems equipment for two destroyer ships. The equipment acts as the brains of the ship, sensing incoming missiles, sending signals and controlling radar systems.Armonk, N.Y.-based IBM would not disclose the value of its contract with Raytheon.Raytheon will later compete for a separate contract to build mission systems equipment.Shares of Raytheon gained 26 cents to close at $55.23 Tuesday on the New York Stock Exchange, while shares of IBM dropped 53 cents to close at $99.85.Copyright 2006 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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Raytheon gets $5.7M Navy deal 