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Press Release Headlines
1/30/2001
Raytheon Sells Its Recreational Marine Business for $108 Million
LEXINGTON, Mass., Jan. 30 /PRNewswire/ -- Raytheon Company
(NYSE: RTNA, RTNB) today announced it has sold the recreational products
division of Raytheon Marine Company for $108 million to a management team
backed by the European venture capital firm Mercury Private Equity. Raytheon
will use cash from the sale to reduce its debt. The transaction also includes
an ongoing supply agreement expected to provide Raytheon up to $30 million in
revenue over several years.
The Recreational Marine business is a leading designer and manufacturer of
marine electronics, including Pathfinder(R) radars, Autohelm(R) autopilots and
instruments, and Raychart(R) navigation systems used by boaters and fishermen.
In 2000, Recreational Marine had sales of $141 million.
The sale includes Recreational Marine's headquarters and manufacturing
operations in Portsmouth, UK, and its sales and engineering operations in
Nashua, N.H., and Ft. Lauderdale, Fla. There are about 575 employees at those
sites. Raytheon will retain its commercial high seas division based in Kiel,
Germany, and its contract manufacturing operation in Malaga, Spain.
Mercury Private Equity is one of the UK's leading providers of private
equity capital. It has offices in London, UK, and Frankfurt, Germany, and
invests in companies with enterprise values of between $15 million and $400
million. It manages funds in excess of $1 billion.
With headquarters in Lexington, Mass., Raytheon Company is a global
technology leader in defense, government and commercial electronics, and
business and special mission aircraft.
Contact:
David Polk
781.860.2386
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