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  • Friday, November 22, 2024

Raytheon, Thales Restructure JV to Focus on NATO C2, Missile Defense Systems


ThalesRaytheon SystemsRaytheon (NYSE: RTN) and Thales Group have agreed to restructure their joint venture ThalesRaytheonSystems in order to focus on the delivery of ballistic and theater missile defense platforms as well as aerial command-and-control systems to NATO member countries and related agencies.

Thales received approximately $90 million in cash payment from Raytheon as part of their JV restructuring deal, Raytheon said Friday.

ThalesRaytheonSystems™ U.S. operations “ TRS LLC “ will now serve as a wholly owned subsidiary of Raytheon™s command and control solutions business and the JV™s France-based operations – TRS SAS – will now become a Thales subsidiary under the new structure.

The JV™s portfolio of aerial C2 platforms and ground-based radar systems will also transition to its parent companies.

Raytheon will record approximately $150 million in tax free gain for the second quarter of 2016 as a result of the transaction.

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