Raytheon Company (NYSE: RTN) has signed a memorandum of understanding with Precision Electronics Limited (BSE: PRECISIO) to forge strategic alignments that jointly develop and provide superior communications technology for India's military forces.
The MOU represents another step toward establishing a strong collaborative working relationship, encouraging joint pursuit of emerging business opportunities, and providing for in-country production, offset and long-term support. This agreement will pave the way for more exchanges of communications technology and business know-how between India and Raytheon.
"This strategic alignment makes good business sense for Raytheon, PEL and our common partners as well as for India and its military forces," said Gregory Vuksich, vice president, Raytheon Network Centric Systems International Business Development. "Our Indian associates at PEL are highly respected, proven technology suppliers who bring complementary capabilities, creativity and innovation of great value to India's military forces.
"Forming these relationships is a critical aspect of Raytheon's approach to building a team committed to providing the best high technology electronics solutions for India's military."
PEL is a market leader in India providing communication solutions to both the military and civil sectors. Backed by a strong design and engineering team and a Ministry of Defence-approved manufacturing infrastructure, PEL is strongly poised to garner substantial defense business in the near future and is well positioned to take active part in the offset program.
Raytheon Company, with 2007 sales of $21.3 billion, is a technology leader specializing in defense, homeland security and other government markets throughout the world. With a history of innovation spanning more than 85 years, Raytheon provides state-of-the-art electronics, mission systems integration and other capabilities in the areas of sensing; effects; and command, control, communications and intelligence systems, as well as a broad range of mission support services. With headquarters in Waltham, Mass., Raytheon employs 72,000 people worldwide.
Sourced From: Corporate Voice|Weber Shandwick
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