State Department hits Raytheon with $8M penaltyApril 30, 2013 @ 4:51 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.
(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
No Strings Attached
The state granted Boeing $9 billion in tax breaks but that's not stopping huge job cuts
A cancer survivor says it was God's command to get the checkup that saved her life
Kansas City fans reclaim the world noise record from Seattle
Please login below with your Facebook, Twitter, Google+ or Disqus account. Existing MyNorthwest account holders will need to create a new Disqus account or use one of the social logins provided below. Thank you.