Raytheon makes two acquisitions
- By Patience Wait
- Dec 23, 2002
Raytheon Co. is acquiring two companies to strengthen its portfolio of integrated communications technologies used across its missile defense, intelligence, surveillance and reconnaissance, precision strike and homeland security business areas, the company announced Dec. 20.
Raytheon of Lexington, Mass., has agreed to acquire Solipsys Corp., a privately held software company based in Laurel, Md., which specializes in integration software for the Defense Department. The transaction is expected to close during the first quarter of 2003, subject to regulator approvals.
The company has purchased JPS Communications Inc., Raleigh, N.C., which provides communications interoperability technologies used in civilian government command and control networks.
Raytheon did not disclose the terms of either acquisition.
"Our strategy is to make niche, tuck-in acquisitions to strengthen our already capable portfolio of businesses that will not stress our balance sheet," said Daniel Burnham, chairman and chief executive officer of Raytheon. "The capabilities of these two companies will enhance capabilities in all four of our strategic business areas."
These are the first acquisitions that Raytheon has made since 1998.
Raytheon reported revenue of almost $16.9 billion in fiscal 2001, and employed more than 87,000 people worldwide. According to Hoover's Inc., the online business information database, about 70 percent of Raytheon's sales were in the government sector.