State Department hits Raytheon with $8M penalty

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Associated Press

Posted on April 30, 2013 at 11:02 PM

WASHINGTON (AP) — The American defense company Raytheon has agreed to an $8 million settlement for violating U.S. arms control regulations.

The State Department says it reached the agreement with Raytheon after uncovering numerous violations.

The violations included inaccurate tracking and documentation of exports and imports of controlled hardware, as well as improper manufacture of certain equipment by the company's foreign partners.

Raytheon will pay a $4 million fine. An additional $4 million penalty will be suspended on condition that Raytheon uses that money to improve compliance procedures.

Raytheon Co., based in Waltham, Mass., reported $24 billion in sales last year.

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