Raytheon Technologies Corporation announced that it had completed the all-stock merger between Raytheon Company and United Technologies Corporation following the completion by United Technologies of its previously announced spin-offs of its Carrier and Otis businesses. Headquartered in Waltham, Mass. In the US, Raytheon becomes one of the largest aerospace and defence companies in the world with approximately US$74 billion in pro forma 2019 net sales and 195,000 employees.
The new company said it expects “to introduce breakthrough technologies at an accelerated pace across high-value areas such as hypersonics, directed energy, avionics and cybersecurity”.
“Raytheon Technologies brings together two companies with combined strengths and capabilities that make us uniquely equipped to support our customers and partners during this unprecedented time. We will also play our part in the war on the COVID-19 pandemic, including doing everything we can to keep our employees around the globe safe and well,” said Greg Hayes, CEO of Raytheon Technologies. “As we move forward, Raytheon Technologies will define the future of aerospace and defence through our focus on innovation, our world-class people and our financial and operational strength to create long-term value for our customers and shareowners.”
“Today, we introduce Raytheon Technologies as an innovation powerhouse that will deliver advanced technologies that push the boundaries of known science,” said Tom Kennedy, executive chairman of Raytheon Technologies. “Our platform-agnostic, diversified portfolio brings together the best of commercial and military technology, enabling the creation of new opportunities across aerospace and defence for decades to come.”
Raytheon Technologies has four segments focused on high-priority areas for customers.
Collins Aerospace Systems specialises in aerostructures, avionics, interiors, mechanical systems, mission systems and power controls that serve customers across the commercial, regional, business aviation and military sectors. The segment is led by President Stephen Timm, headquartered in Charlotte, North Carolina, with approximately US$26 billion in 2019 net sales.
Pratt & Whitney designs, manufactures and services the world’s most advanced aircraft engines and auxiliary power systems for commercial, military and business aircraft. The segment is led by President Chris Calio, headquartered in East Hartford, Connecticut, with approximately US$21 billion in 2019 net sales.
Raytheon Intelligence & Space specialises in developing advanced sensors, training, and cyber and software solutions — delivering the disruptive technologies its customers need to succeed in any domain, against any challenge. The segment is led by President Roy Azevedo, headquartered in Arlington, Virginia, with approximately US$15 billion in pro forma 2019 net sales.
Raytheon Missiles & Defence provides the industry’s most advanced end-to-end solutions to detect, track and engage threats. The segment is led by President Wes Kremer, headquartered in Tucson, Arizona, with approximately US$16 billion in pro forma 2019 net sales.