Raytheon Establishes New Ventures Unit— Steadman Named President

Raytheon Company of Lexington, Mass., has established a new office to arrange and manage venture investments for the diversified electronics company.

Chairman Thomas L. Phillips said the new enterprise would be coordinated closely with the company's strategic planning function, and would seek investments in young companies in business areas related to Raytheon's present and future lines. "Our objective," he said, "is to share in emerging technologies that are best participated in through investments in young entrepreneurial companies. Where we identify growth potential and useful links to Raytheon's own products and fields of technologies, we plan to take appropriate equity positions in those start-up firms." David R.A. Steadman has been named president of Raytheon Ventures, and will direct the new office to be established at company executive headquarters in Lexington.

He joined Raytheon in 1974 as manufacturing director of Cossor Electronics in England, where he was promoted to managing director the following year.

Mr. Steadman was responsible for the acquisition of Data Logic in 1977, and served as chairman of that subsidiary. He was elected a vice president of Raytheon Company in 1980, and served as president of Raytheon Data Systems until that business was sold in 1984.

Other stories from May 1985 issue


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