Raytheon Company has signed an agreement with Valeo S.A., a leading automotive systems supplier based in Paris, to form a joint venture focused on delivering advanced radar solutions to the automotive market. The joint venture will initially be equally owned by Raytheon and Valeo. Under terms of the agreement, the new venture will develop and market Raytheon’s obstacle detection radar technology to offer ‘blind spot’ sensors to automotive manufacturers and subsystem developers. This technology can detect obstacles and alert drivers to potential hazards. In addition, other potential applications range from short-range obstacle detection systems to more sophisticated 360-degree coverage traffic monitoring solutions. Valeo’s will support development and marketing of the new automotive technologies. “This breakthrough technology was developed by a team of talented engineers in only twelve months,” said Jack Wohler, president of Raytheon Commercial Electronics. “We believe this technology could dramatically improve driver confidence and comfort.” The agreement, subject to closing conditions, is expected to be finalized in the third quarter of 2002.