On Wednesday, Raytheon Company (NYSE:RTN), said it is ready to expand in Colorado Springs and started work on $700M NORAD support contract.
Following this good news, Raytheon Company (RTN)’ shares inclined 1.76% or 1.76 points, during the current trading session.
According to the report, Raytheon will speed up growth of its Colorado Springs presence after signing a $700 million multi-year indefinite-delivery/indefinite-quantity contract to support operations at NORADs Cheyenne Mountain Complex.
Under the NORAD Integrated Space Support Contract (NISSC), Raytheon will provide 24/7 support to warning and attack assessment systems for air, missile and space threats. The contract was initially awarded to Raytheon in April 2015; however, protest activity delayed its execution. The Government Accountability Office denied the most recent protest on August 25.
Raytheon has today taken steps to ensure a successful transition of the contract, holding recruiting events in Colorado Springs and other locations and acquiring additional office space. The company plans to hire up to 700 employees in Colorado Springs by the end of 2016. Recruiting day events are planned for the coming weeks, and construction on new office space will be quickly accomplished.
With the protest behind us, Raytheon can now focus even more on ensuring a seamless program transition and, in partnership with the Air Force, delivering innovative, efficient operations, maintenance and sustainment, said Todd Probert, vice president of mission support and modernization at Raytheon Intelligence, Information and Services. We are focused on expanding our support to the Air Force in Colorado Springs, investing in our employees, and enhancing the local community.
Last month, Raytheon declared a partnership with the Colorado Springs-based Space Foundation. The multi-year commitment will focus on science, technology, engineering, and math (STEM) education programs. Raytheon will bring its MathAlive! exhibit to the Space Foundations Discovery Center in 2016.
RTN stock is now trading at $101.80, having a volume of 666,035 shares. The year-to-date (YTD) performance of RTN stock reflects that it is -7.37% below last year. During the past month, the stock loses -6.7%, bringing three-month performance to -0.97% and six-month performance to -6.43%. For this stock, beta value at 0.75 represents it is no more volatile. The stock remained 2.10% volatile in a week and for the month it remained 2%.
Raytheon Company, together with its auxiliaries, is a technology Company that specializes in defense and other Government markets. The Company develops products, services and solutions in markets: sensing; effects; command, control, communications and intelligence (C3I); and mission support, in addition to cyber and information security. The Company operates in four segments: Integrated Defense Systems (IDS); Intelligence, Information and Services; Missile Systems, and Space and Airborne Systems.
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