The Australian subsiduary of US naval defence company Raytheon has successfully completed the first stage of a five-year State Government loan-to-grant incentive scheme.
The milestone means the company will not have to repay the first $477,000 instalment of a $3million loan.
Science and Innovation Minister Francis Logan said Raytheon, located within the technology precinct at the Australian Marine Complex (AMC) at Henderson, had emerged as a leading player in Western Australia's defence industry.
Raytheon is primarily engaged in developing and sustaining naval combat systems, command and control, communications, intelligence and advanced sensors.
In 2003, it signed a financial assistance agreement with the State Government as part of an incentive package to attract them to WA's marine and defence sector.
The agreement provided an interest-free loan of $3 million - $500,000 for relocation, recruitment and training assistance and a lease subsidy of $500,000 per annum for five years.
Mr Logan, who toured the company's facilities at the AMC last week, said the State Government was very pleased with the company' s progress.
"Raytheon's support and contribution to local industry and exports is central to the development of the State's economy," he said.
"In the first year of our agreement, the company has exceeded all set requirements in the areas of employee numbers, salaries, capital expenditure and research and development.
"Raytheon is an integral part of the AMC and its presence supports WA's position as a logical choice for further developments in the marine and defence industry."
Mr Logan said that since the incentive program was established, Raytheon had acted as a key agent in a Commonwealth contract to provide a $400million combat system for the Collins Class submarines.
It was also a cornerstone partner in the Air Warfare Destroyer Alliance - a project that would require significant company resources over the next decade, creating more local jobs and increasing WA's shipbuilding and repair and maintenance capabilities.
