RTX Corporation
Information Security | |
Predecessors | |
---|---|
Founded | April 3, 2020 |
Founders | Arlington, Virginia, U.S. |
Area served | Worldwide |
Key people | Christopher T. Calio (CEO) Gregory J. Hayes (Chairman) |
Revenue | US$68.92 billion (2023) |
US$3.56 billion (2023) | |
US$3.20 billion (2023) | |
Total assets | US$161.9 billion (2023) |
Total equity | US$59.80 billion (2023) |
Number of employees | 185,000 (2023) |
Subsidiaries | |
Website | rtx |
Footnotes / references [1][2] |
RTX Corporation, formerly Raytheon Technologies Corporation,
The company is the result of the merger of equals between the aerospace subsidiaries of
The company, which changed its name to RTX in July 2023, has three subsidiaries: Collins Aerospace, Pratt & Whitney, and Raytheon (formerly Raytheon Intelligence & Space and Raytheon Missiles & Defense).[3]
History
Raytheon
The Raytheon Company was founded in 1922 in
In 1925, the company changed its name to Raytheon Manufacturing Company and began marketing its rectifier under the Raytheon brand name, with commercial success. In 1928, Raytheon merged with Q.R.S. Company, an American manufacturer of electron tubes and switches, to form the successor of the same name, Raytheon Manufacturing Company.[
During World War II, Raytheon mass-manufactured
After the war, Raytheon developed the first
During the post-war years, Raytheon also made generally low- to medium-powered radio and television
In 1991, during the
In an effort to establish leadership in the defense electronics business, Raytheon purchased in quick succession Dallas-based
In November 2007, Raytheon purchased robotics company
In October 2014, Raytheon beat rivals
In May 2015, Raytheon acquired cybersecurity firm Websense, Inc. from Vista Equity Partners for $1.9 billion[29] and combined it with RCP, formerly part of its IIS segment to form Raytheon|Websense.[30] In October 2015, Raytheon|Websense acquired Foreground Security, a provider of security operations centers, managed security service solutions[buzzword] and cybersecurity professional services,[31] for $62 million.[32] In January 2016, Raytheon|Websense acquired the firewall provider Stonesoft from Intel Security for an undisclosed amount and renamed itself to Forcepoint.[33]
In July 2016, Poland's Defence Minister Antoni Macierewicz planned to sign a letter of intent with Raytheon for a $5.6 billion deal to upgrade its Patriot missile-defence shield,[34][35] and in 2017, Saudi Arabia signed business deals worth billions of dollars with multiple American companies, including Raytheon.[36][37]
In February 2020, Raytheon completed the first radar antenna array for the US Army's new missile defense radar, known as the Lower Tier Air and Missile Defense Sensor (LTAMDS), to replace the service's Patriot air and missile defense system sensor.[38]
In February 2024,
United Technologies Corporation
In 1929,
United Aircraft became a component of the
During World War II, United Aircraft ranked sixth among United States corporations in the value of wartime production contracts.[16] At the close of the war, United Aircraft entered the emerging markets for jet engines and helicopters, via Pratt & Whitney and Sikorsky, respectively.[42]
In the 1950s, United Aircraft began developing jet engines, including the Pratt & Whitney J57, the most powerful jet engine on the market for some years.[42] In the 1960s, Pratt & Whitney produced the Pratt & Whitney JT9D for the Boeing 747.[42]
In 1974,
At one point the military portion of UTC's business, whose sensitivity to "excess profits" and boom/bust demand drove UTC to diversify away from it, actually carried the weight of losses incurred by the commercial M&A side of the business.[42] Although M&A activity was not new to United Aircraft, the M&A activity of the 1970s and 1980s was higher-stakes and arguably unfocused. Rather than aviation being the central theme of UTC businesses, high tech (of any type) was the new theme. Some Wall Street watchers questioned the true value of M&A at almost any price, seemingly for its own sake.[42]
In 1999, UTC acquired
In 2010, UTC conducted its largest acquisition to date, General Electric's security equipment business for US$1.8 billion, a move to support UTC's Fire & Security unit.[51]
In September 2011, UTC acquired an $18.4 billion deal (including $1.9 billion in net debt assumed) for aircraft components maker Goodrich Corporation.[52] In July 2012, United Technologies acquired Goodrich and merged it with Hamilton Sundstrand, forming UTC Aerospace Systems.
In November 2018, UTC acquired
Raytheon Technologies
In June 2019, United Technologies announced the intention to merge with the Raytheon Company. The combined company, valued at more than $100 billion after planned spinoffs, would be the world's second-largest aerospace-and-defense company by sales behind Boeing.[57] Although UTC was the legal survivor, the merged company took the name Raytheon Technologies and based its headquarters at Raytheon's former campus in Waltham, Massachusetts, rather than UTC's former base in Farmington, Connecticut.[58] The merger was completed in April 2020.[11] Raytheon Technologies began trading at $51 per share, on the New York Stock Exchange under the ticker RTX.[59][60]
On July 28, 2020, the company announced cutting of over 8,000 jobs in its commercial aviation division due to travel slowdown induced by the global COVID-19 pandemic.[61]
In December 2020, the Board of Directors authorized a $5 billion repurchase of common stock.[62][63]
In 2022, during the Russian invasion of Ukraine, major arms manufacturers, including Raytheon Technologies,[64] reported a sharp increase in interim sales and profits.[65][66][67]
On June 7, 2022, the company announced plans to move its global headquarters to
In January 2023, Raytheon Technologies announced it would combine its missiles and defense division and intelligence and space division into a single business unit, effective July 1. The reorganization created three divisions at Raytheon Technologies: Collins Aerospace, Pratt & Whitney, and Raytheon.[68] The reorganization was preceded by the rebranding to RTX in June 2023.
RTX
In July 2023, Raytheon Technologies Corporation changed its name to RTX Corporation.[4]
RTX's supply of weapons to Israel led to protests against the company during the
In December 2023, RTX announced that CEO Greg Hayes would step down the following May and be replaced by company president Christopher Calio.[72]
Business units
After the 2020 merger, Raytheon Technologies Corporation consisted of four business units:
- Pratt & Whitney: Designs and builds aircraft engines and gas turbines.[51]
- the Goodrich Corporation.
- Raytheon Space and Airborne Systems(SAS)
- Raytheon Missile Systems(RMS)
In 2023, the company changed its name to RTX Corporation and re-organized into three business units:[73][74]
- Pratt & Whitney
- command-and-control and air traffic managementproduct lines that were formerly Raytheon Intelligence & Space (RIS) and Raytheon Missiles & Defense (RMD)
- ISR (Intelligence, surveillance and reconnaissance)business from Collins Aerospace
Footnotes
References
- ^ "Raytheon Technologies Form 10-K Annual Report". U.S. Securities and Exchange Commission. February 5, 2024.
- ^ a b "United Technologies and Raytheon Complete Merger of Equals Transaction". www.rtx.com (Press release). Raytheon Technologies. April 3, 2020. Retrieved April 3, 2020.
- ^ a b Moore-Carrillo, Jaime (June 20, 2023). "Raytheon rebrands as RTX". DefenseNews.com. Defense News. Retrieved June 21, 2023.
- ^ a b "Amendments to Articles of Incorporation or Bylaws". RTX Investors. July 17, 2023.
- ^ a b "BREAKING: Arlington scores another major corporate headquarters". June 7, 2022. Retrieved June 7, 2022.
- ^ a b Maffei, Lucia (July 26, 2022). "Raytheon Has Quietly Completed Its Headquarters Move". NBC Boston. Retrieved September 6, 2022.
- ^ "Raytheon 2018 Annual Report, p122". Raytheon.
- ^ "The Global 2000 2023". Forbes. Archived from the original on January 29, 2024. Retrieved February 7, 2024.
- ^ Ehrenfreund, Max (December 5, 2016). "CEO: United Tech. considered federal contracts in decision to keep Indiana jobs in deal with Trump". The Washington Post. Retrieved January 2, 2016.
I also know that about 10 percent of our revenue comes from the U.S. government," [United Technologies chief executive Greg Hayes] said.
- ^ "CorpWatch : United Technologies". Archived from the original on July 4, 2015. Retrieved July 3, 2015.
- ^ a b Kilgore, Tomi (April 4, 2020). "Raytheon Technologies' stock, formerly United Technologies, starts trading in". MarketWatch.
- ^ Raytheon Technologies. "Gregory J. Hayes".
- ^ Raytheon Australia. History. Archived August 30, 2007, at the Wayback Machine Raytheon Marketing Material.
- ^ Otto J. Scott, The Creative Ordeal, (New York, Atheneum, 1974),16–32
- ^ Raytheon Company: The Early Days. Raytheon.com. September 30, 2007. Retrieved on February 4, 2012. Archived April 15, 2009, at the Wayback Machine
- ^ a b Peck, Merton J. & Scherer, Frederic M. The Weapons Acquisition Process: An Economic Analysis (1962) Harvard Business School p.619
- ^ ISBN 978-0-313-34843-3.
- ^ ISBN 978-1-349-42100-8.
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- ^ Jump up ^ Staff (November 14, 2007). "Business Briefs". The Lowell Sun (MediaNews Group)
- ^ Raytheon Announces Agreement to Purchase BBN Technologies Archived May 11, 2012, at the Wayback Machine WALTHAM, Mass., September 1, 2009. PRNewswire.
- ^ Raytheon Completes Acquisition of BBN Technologies MCKINNEY, Texas, October 26, 2009. PRNewswire.
- ^ Hubler, David (December 20, 2010). "Raytheon buys Applied Signal Technology". Washington Technology. Retrieved August 21, 2019.
- ^ Raytheon wins deal for next-generation U.S. Air Force radar. Reuters, October 7, 2014
- ^ Air Force Magazine, Issues 1-10. 2017. p. 20.
- ^ Mehta, Aaron (January 22, 2015). "US Air Force to Reevaluate 3DELRR Award". Retrieved August 7, 2017.
- Janes, July 15, 2016
- ^ Mehta, Aaron (August 8, 2017). "Raytheon awarded 3DELRR radar contract for second time". DefenseNews. Retrieved August 20, 2019.
- ^ Jaisinghani, Sagarika (April 25, 2015). "Raytheon to buy cybersecurity firm Websense in $1.9 billion deal". Reuters. Retrieved October 30, 2018.
- Washington Business Journal. Retrieved October 31, 2018.
- ^ "Raytheon broadens cyber capabilities with acquisition of Foreground Security". PR Newswire. October 5, 2015. Retrieved October 31, 2018.
- ^ "Raytheon Paid $62M for Foreground Security". TransactionView. Retrieved October 31, 2018.
- ^ Riley, Duncan (January 14, 2016). "Raytheon|Websense acquires Stonesoft from Intel Security, renames combined company Forcepoint". SiliconANGLE. Retrieved October 31, 2018.
- ISSN 0013-0613. Retrieved July 23, 2016.
- ^ "Poland moves towards multi-billion-euro Patriot missile deal". Retrieved July 23, 2016.
- ^ "Saudi Arabia agrees to buy $7 billion in precision munitions from U.S. firms: sources". Reuters. November 23, 2017.
- ^ "Raytheon Arm Wins $302M Deal to Boost Saudi Arabia's Defense". Nasdaq.com. December 13, 2017.
- ^ Judson, Jen (February 21, 2020). "Raytheon completes first antenna for US Army's new missile defense radar". Defense News. Retrieved February 21, 2020.
- ^ "RTX's Pratt & Whitney opens expansion site at Singapore facility". Seeking Alpha. Archived from the original on February 20, 2024. Retrieved February 27, 2024.
- ^ "Pratt & Whitney gets $355M engine sustainment contract for South Korea's F-15s, F-16s". Seeking Alpha. Archived from the original on February 13, 2024. Retrieved February 27, 2024.
- OCLC 488208.
- ^ ISBN 9780201104844.
- ISBN 978-1-4000-6964-4.
- ^ Stevens, Pippa (August 24, 2020). "Salesforce, Amgen and Honeywell added to Dow in major shake-up to the average". CNBC. Retrieved August 26, 2020.
- ^ Bomey, Nathan. "Exxon Mobil, Pfizer removed from Dow Jones Industrial Average; Salesforce, Honeywell added". USA TODAY. Retrieved August 26, 2020.
- ^ Fernandez 1983, p. 246.
- ^ Fernandez 1983, pp. 246–251.
- ^ Fernandez 1983, pp. 260–264.
- ^ Schweizer acquisition press release Archived April 10, 2008, at the Wayback Machine
- ^ "Carrier Acquires Noresco to Expand Energy Solutions Capabilities". Carrier Corporation. November 21, 2008. Archived from the original on December 30, 2013. Retrieved April 25, 2013.
- ^ a b Gershon, Eric (January 1, 2010). "UTC Boss Looks To Make His Mark". Hartford Courant. Vol. CLXXIV, no. 1. Hartford, Connecticut: The Hartford Courant Company. pp. A1, A8 – via Newspapers.com. The main citation is for Page A1; Page A8 appears in this clipping.
- ^ "United Technologies to acquire Goodrich in USD 18.4 bn deal". September 23, 2011. Archived from the original on June 5, 2012. Retrieved September 25, 2011.
- ^ "United Technologies To Acquire Rockwell Collins For $30 Billion" (Press release). United Technologies. September 4, 2017.
- ^ Craver, Richard (November 27, 2018). "UTC completes $30B deal for Rockwell Collins, announces three-way split of company". Winston-Salem Journal.
- ^ Mattioli, Dana; Gryta, Thomas (November 26, 2018). "United Tech to Break Itself Into Three Companies". Wall Street Journal. Retrieved June 10, 2019 – via www.wsj.com.
- ^ "United Technologies Board Of Directors Approves Separation Of Carrier And Otis And Declares Spin Off Distribution Of Carrier And Otis Shares". StreetInsider.com. Retrieved March 12, 2020.
- ISSN 0099-9660. Retrieved June 10, 2019.
- ^ Singer, Stephen (June 9, 2019). "United Technologies says it's merging with defense contractor Raytheon and moving headquarters to Boston area from Connecticut". Hartford Courant. Retrieved June 10, 2019.
- ^ Aitoro, Jill (April 3, 2020). "Raytheon Technologies Corp. begins trading on NYSE". Defense News. Retrieved December 27, 2020.
- ^ Jen Judson (24 Nov 2021) Raytheon CTO says merged company is finding new ways to work together synergies: Mark Russell, CTO
- ^ "Raytheon sheds 8,000 aerospace jobs amid collapse in air travel". The Seattle Times. July 28, 2020. Retrieved July 29, 2020.
- ^ Technologies, Raytheon. "Raytheon Technologies Board of Directors Authorizes $5 Billion Share Repurchase Program". www.prnewswire.com (Press release). Retrieved December 27, 2020.
- ^ Assis, Claudia. "Raytheon's board OKs $5 billion share buyback". MarketWatch. Retrieved December 27, 2020.
- ^ "Defense Companies Secure Record Orders". The Wall Street Journal. January 24, 2023.
- ^ Bedi, Rahul (February 28, 2022). "Russia's Invasion of Ukraine Bodes Good Business for Arms Manufacturers Worldwide". The Wire. Archived from the original on March 2, 2022.
- ^ "Ukraine war: How weapons makers are profiting from the conflict". Sky News. June 10, 2022.
- ^ "Raytheon's profit more than doubles as Ukraine war boosts defense budgets". MarketWatch. January 25, 2023.
- ^ "Raytheon to Combine Missiles and Defense Division with Intel and Space Business". Defense One. January 24, 2023. Retrieved March 13, 2023.
- ^ "Protesters Are Targeting Defense Contractors That Bragged About Profits from Gaza". Vice. November 17, 2023.
- ^ "Anti-weapons "die-in" protest blocks Raytheon entrance during morning commute". Arizona Public Media. November 2, 2023.
- ^ "15 people arrested during peaceful 'free Palestine' protest in Louisville". whas11.com. February 2, 2024. Retrieved February 5, 2024.
- ^ Weisgerber, Marcus (December 15, 2023). "RTX CEO Greg Hayes to step down in May". Defense One. Retrieved December 15, 2023.
- ^ Moore-Carrillo, Jaime (June 20, 2023). "Raytheon rebrands as RTX". Defense News. Retrieved June 23, 2023.
- ^ Wilkers, Ross (April 25, 2023). "Raytheon Technologies shows more of its new alignment". Washington Technology. Retrieved June 23, 2023.
External links
- Official website
- Business data for RTX Corporation: