11-4-05 - KXII has confirmed that Raytheon in Sherman will close its doors.
The defense contractor is breaking the news to its 200 employees today. They will be shutting down the Sherman branch by June of next year. The company says they have enough work contracted until then.
Raytheon bought the defense segment of Texas Instruments about 10 years ago and has been running its business out of the building ever since.
In January, the company will begin retiring those employees who are ready and offering others positions in its McKinney and Richardson locations.
Raytheon tells KXII some employees will be laid off, but it's hopeful the advance warning gives them time to find other jobs.
On the other hand, SEDCO says this opens up a nice facility for another business to come in and provide more jobs.
The Sherman company will be completely shut down by June of next year. Raytheon says its nine other North Texas locations are experiencing growth.
John Boswell at the Sherman Economic Development Corporation confirmed the report that employees were notified and said it's a requirement through Texas workforce that employees be given at least 60 days notice.
Stay tuned to KXII and KXII.com throughout the day for further developments.