Raytheon Sells $1.7B in Missile Equipment to Saudi Military

Raytheon (NYSE:RTN) has received U.S. approval to sell $1.7 billion worth of missile support, equipment and hardware to the Saudi military.

The U.S. Congress and State Department have agreed to let Raytheon supply Saudi Arabia’s Patriot Air, helping to upgrade its Missile Defense System, the company said on Wednesday.

The Waltham, Mass.-based provider of electronics and intelligent missiles said its contract, first announced earlier this year, will cover ground-system hardware, a full training package, support equipment upgrades and an interoperability capability to support potential coalition operations.

Raytheon, which had sales last year of $25 billion, said Patriot is the world's “most capable air and missile defense system,” calling it the “system of choice” for 12 nations around the globe.