Raytheon, UTC complete merger

Raytheon and United Technologies Corporation (UTC) completed their long-planned merger on 3 April, creating a US-based defence contractor called Raytheon Technologies Corporation (RTC).

The combined company has about USD74 billion in annual net sales and about 195,000 employees, making it one of the largest aerospace and defence firms in the world.

By bringing together 60,000 engineers and scientists and a strong balance sheet, RTC will be an “innovation powerhouse”, said Tom Kennedy, RTC’s executive chairman and the former head of legacy Raytheon.

“The combined company expects to introduce breakthrough technologies at an accelerated pace across high-value areas such as hypersonics, directed energy, avionics, and cybersecurity,” RTC said.

Raytheon Technologies has organised itself into four business segments: aircraft parts maker Collins Aerospace Systems, a legacy UTC unit headquartered in Charlotte, North Carolina; aircraft engine builder Pratt & Whitney, a legacy UTC unit based in East Hartford, Connecticut; Raytheon Intelligence & Space, headquartered in Arlington, Virginia; and Raytheon Missiles & Defense, based in Tucson, Arizona.

Headquartered in Waltham, Massachusetts, Raytheon Technologies has begun trading on the New York Stock Exchange under the ticker symbol RTX. Its logo includes a new version of the UTC gear icon, as well as the red colour associated with legacy Raytheon. Its Twitter handle is @RaytheonTech.

The merger’s closing followed UTC’s previously announced spin-off of two non-defence businesses: Carrier, which makes air conditioners and furnaces, and Otis, which builds elevators and escalators.