Raytheon Sells Recreation Products Division
Raytheon Co. said it sold the recreational products division of its Raytheon Marine Co. to its management team for $108 million to reduce its debt. The sale of the unit, which makes electronic devices including radars, autopilots and navigation systems for yachts and motor boats, includes a supply agreement expected to give Raytheon as much as $30 million in revenue over the next few years, the company said. The management team is backed by Mercury Private Equity, a former division of Merrill Lynch & Co. The Raytheon unit, to be renamed Raymarine, had sales of $141 million in 2000, representing a 16% share of the global market. Raytheon’s Class A shares closed up 57 cents at $33.65 on the NYSE.
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