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Raytheon Wins $64.5 Million Contract to Develop and Install
Cross Israel HighwayElectronic Toll and Traffic Management System
LEXINGTON, Mass., June 3, 1999 - Raytheon Company (NYSE: RTNA, RTNB) has been awarded a $64.5 million Cross Israel Highway Electronic Toll and Traffic Management (ETTM) System contract.
The contract with Derech Eretz Construction joint venture, which will take effect upon the joint venture reaching financial closure, provides for development and installation of an all-electronic toll collection system on a new 86 kilometer, four-lane highway that will stretch from near Jerusalem through Tel Aviv and halfway to Haifa. The tolling technology for the Israeli highway is similar to the system developed by Raytheon Systems Company in operation use since 1997 on Highway 407 Express Toll Route (ETR) in Toronto, Canada. This system incorporates infrared and video technology to monitor vehicle usage and automatic toll collection. The Highway 407 ETR is the world's first all-electronic highway.
Work on the Cross Israel Highway ETTM System is projected to begin this summer. The program will be primarily managed and developed at Raytheon facilities in Fullerton, Calif., with major subcontracts for installation, operations center software and traffic management to be awarded to companies in Israel and Toronto.
"Raytheon is pleased that its advanced Electronic Toll Collection System will contribute to Israel's goal of building a state-of-the-art tollway to relieve traffic congestion," said Phil George, Raytheon Systems Company vice president, Integrated Systems.
Raytheon Company, based in Lexington, Mass., is a global technology leader that provides products and services in the areas of commercial and defense electronics, engineering and construction, and business and special mission aircraft. Raytheon has operations throughout the United States and serves customers in more than 80 countries around the world.