April 21, 2009 (FinancialWire) — Raytheon Co. (NYSE: RTN) said it has received a contract extension to perform additional risk-reduction activities for the U.S. Air Force’s global positioning system operational ground control segment, or GPS OCX.

Under the contract, Raytheon said it will “identify and mitigate program risk to create a roadmap to keep the program on budget and on schedule.”

The original contract was awarded by the Air Force in November 2007 to produce the new control segment for current and future GPS systems.

Raytheon’s team includes ITT, Boeing, Infinity Systems Engineering, Jet Propulsion Laboratory, SRI International and Braxton Technologies.

Waltham, Massachusetts-based Raytheon is focused on defense, homeland security and other government markets throughout the world. The company offers electronics, mission systems integration and other capabilities in the areas of sensing, effects, and command, control, communications and intelligence systems, as well as a range of mission support services.

Raytheon employs 73,000 people worldwide.

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