Raytheon Company's (NYSE: RTN) Excalibur Ib precision guided projectile has entered Full Rate Production (FRP). Additionally, the U.S. Army has awarded Raytheon $52 million for continued Excalibur Ib production: "The full rate production decision is the culmination of superb teamwork between the U.S. Army and Raytheon," said Lieutenant Colonel Josh Walsh, U.S. Army Excalibur product manager. "I am proud of the combined team's effort that is putting the world's finest cannon artillery munition into the hands of our warfighters."
"International interest in Excalibur has risen sharply during the last year," said Michelle Lohmeier, Raytheon Land Warfare Systems vice president. "Excalibur has revolutionized cannon artillery, making it possible to engage targets precisely at long ranges while avoiding collateral damage, a capability that appeals to military leaders around the world," Lohmeier added.
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, Massachusetts.