Raytheon Receives Arbitration Award relating to the eBorders Program
WALTHAM, Mass., Aug. 18, 2014
WALTHAM, Mass., Aug. 18, 2014 /PRNewswire/ -- Raytheon Company (NYSE: RTN)
announced today its receipt of a decision in the arbitration between Raytheon
Systems Limited (RSL, which is also known as Raytheon UK) and the United
Kingdom Home Office relating to the eBorders program. The Arbitration Tribunal
found that the Home Office had unlawfully terminated RSL for default in 2010
and therefore had repudiated the eBorders contract. The Tribunal denied all
Home Office claims for damages and clawback of previous payments.
The Tribunal awarded to RSL damages and other monetary relief of approximately
£185 million ($309 million). It also found that the Home Office had wrongfully
retained the £50 million ($83 million) it had drawn on RSL letters of credit
in April 2011. The Tribunal reserved ruling on costs and on the quantification
of interest payable to RSL.
The Tribunal's ruling confirms that RSL delivered substantial capabilities to
the UK Home Office under the eBorders program. Raytheon remains committed to
partnering with the UK Government on key defense, national security and
Raytheon Company, with 2013 sales of $24 billion and 63,000 employees
worldwide, is a technology and innovation leader specializing in defense,
security and civil markets throughout the world. With a history of innovation
spanning 92 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
cyber security and a broad range of mission support services. Raytheon is
headquartered in Waltham, Mass. For more about Raytheon, visit us
atwww.raytheon.comand follow us on Twitter@raytheon.
SOURCE Raytheon Company
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