Raytheon Wins Another European Patriot Missile Customer

Add Sweden to the growing list of customers for Raytheon's (NYSE: RTN) Patriot air defense missile system, a fresh shot in the arm for the defense contractor as it searches globally for new business.

A Patriot missile battery at a Turkish military base in Gaziantep, Turkey. Image source: U.S. Army, via Flickr.

The Swedish government said Tuesday that Raytheon's system had beaten out the SAMP/T platform from Eurosam GIE, a joint venture between Airbus affiliate MBDA and Thales Group. The government valued the contract at about 10 billion Swedish crowns, or more than $1.2 billion, and expects to begin taking delivery by 2020 toward a goal of having the system operational by 2025 at the latest.

Source: Fool.com