Raytheon Technologies is an American multinational conglomerate that focuses its business in areas like defense and aerospace technologies. By taking the revenue and market capitalization into consideration, Raytheon Technologies is the largest aerospace and defense manufacturer in the world.
Apart from these operations, the company is also recognized as one of the largest providers of intelligence technologies in the world.
The company operates in close association with the U.S. government as they are also a leading manufacturer of many different technologies and innovations that play a major part in the defense system of the United States.
Raytheon Technologies are a leading manufactures of aircraft engines, guided missiles, air defense systems, drones, and satellites.
As they work in such a vast area in defense and also in close association with the U.S. government, a major share of their general revenue comes from the U.S. government.
The company Raytheon Technology that we see today is a result of the merger of equals between the aerospace subsidiaries of United Technologies Company and Raytheon Company.
The merger was completed on April 3, 2020. UTC was the nominal survivor of the merger but the company decided to change its name from UTC to Raytheon Technologies.
Gregory J. Hayes served as the CEO of UTC before the merger and after the merger and the company were named Raytheon Technology, Hayes continues to serve in the position of CEO of the newly combined company too.
Earlier the headquarters of the company was based in Waltham, Massachusetts. Later on June 7, 2002, it was made public that the company was considering shifting its headquarters from Massachusetts to Arlington, Virginia. The move was completed in July 2022.
There are four subsidiaries for the company. Collins Aerospace, which is one of the four subsidiaries, is one of the largest suppliers of aerospace and defense products.
The company has its headquarters in Charlotte, North Carolina. Pratt & Whitney is another subsidiary of the company which is based in East Hartford, Connecticut. They are aerospace manufacturers with global service operations.
The aircraft engines manufactured by the company are widely used in both civil and military aviation. The other two subsidiaries of the company include Raytheon Intelligence & Space and Raytheon Missiles & Defense
Raytheon Technologies was formed as a result of the merger between United Technologies Company (UTC) and Raytheon Company. UTC announced its interest to merge with Raytheon in June 2019 and the combined company formed as a result of the merger was valued at more than $100 billion.
The company was also estimated to be the second target aerospace and defense company with only Boeing taking over the first place.
Even though UTC became the nominal survivor, the newly formed company decided to take up the name Raytheon Technology. UTC was based in Farmington, Connecticut, and Raytheon Company was based in Waltham, Massachusetts.
After the merger, the company also decided to base its headquarters in Waltham, which was later shifted to Virginia.
Raytheon Technology – Before the Merger
The company was the result of the merging of Raytheon Company and United Technologies Company (UTC). The Raytheon Company was founded by Laurence K. Marshall, Vannevar Bush, and Charles G. Smith in 1992.
During the initial stage of the company, it was named American Appliance Company. The company initially focused on refrigeration technologies but soon they changed their focus to electronics.
In 1925, the company changed its name to Raytheon Company and started to market its first product which was a gaseous (helium) rectifier under the brand name Raytheon and the venture was a success.
The company grew in its subsequent years and as it grew bigger, it started to expand its areas of operation and even went on to purchase the robotics company Saros in November 2007.
As for United Technologies Company, the company had a very long history in aircraft engine and airframe manufacturing. The company was also very active in its business during the time of World War II.
It was in 1974 that the CEO of United Aircraft changed the name of the parent corporation of the company to United Technologies Company with an aim to diversify and ensure more growth for the company.
The company wanted to increase its area of operation into other fields rather than just sticking to the field of aerospace.
In the course of its growth, the company acquired many different companies like Sundstrand Corporation, Schweizer Aircraft Corporation, and also the Rocketdyne division of Boeing. The largest acquisition of the company was made in 2010 when they acquired General Electric’s security equipment business which is estimated to have a value of $1.8 billion.
Raytheon Technology was formed in April 2020, when the merger was officially completed. The company began trading at the New York Stock Exchange under the ticket RTX.
The trading began at $51 per share. Most recently, the company signed a contract with the United States Air Force to develop subsystems for their Next-Generation Air-To-Air Missile.
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