Raytheon Will Build New F-18 Radar System

Raytheon Co. beat out Northrop Grumman Corp. for a contract worth as much as $1 billion to build a new radar system for the U.S. Navy’s top fighter jet. Boeing Co., which builds the F/A-18E/F jet, awarded the job to Lexington, Mass.-based Raytheon, with deliveries to start in 2004. The new-generation radar detects air and ground targets from greater range in all weather and uses less electric power, making the aircraft more difficult for enemy radar to detect. Raytheon said its El Segundo-based Electronic Systems unit will make the new radar. News of the contract decision came after the close of markets. On the New York Stock Exchange, Raytheon’s Class B shares rose $1.06 to close at $30.31, and Northrop rose 56 cents to close at $53.88.