Raytheon merges with United Technologies aerospace businesses

Raytheon merges with United Technologies aerospace businesses

UTC’s Collins Aerospace, Pratt & Whitney join Raytheon Intelligence & Space, Missiles & Defense in $74B conglomerate.

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Raytheon Technologies Corp. has been created from an all-stock merger transaction between Raytheon Co. and United Technologies Corp. (UTC) effective April 3, 2020, following the spin-off of UTC’s Carrier and Otis businesses. Headquartered in Waltham, Massachusetts, Raytheon Technologies is one of the largest aerospace and defense companies in the world with approximately $74 billion in pro forma 2019 net sales and a global team of 195,000 employees, including 60,000 engineers and scientists.

"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.

Tom Kennedy, Executive Chairman of Raytheon Technologies, said, "Our platform-agnostic, diversified portfolio brings together the best of commercial and military technology, enabling the creation of new opportunities across aerospace and defense for decades to come."

Raytheon Technologies’ four segments:

Collins Aerospace Systems specializes in aerostructures, avionics, interiors, mechanical systems, mission systems, and power controls across the commercial, regional, business aviation, and military sectors. The segment is led by President Stephen Timm, headquartered in Charlotte, North Carolina, with approximately $26 billion in 2019 net sales.

Pratt & Whitney designs, manufactures, and services 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 $21 billion in 2019 net sales.

Raytheon Intelligence & Space specializes in developing advanced sensors, training, and cyber and software solutions. The segment is led by President Roy Azevedo, headquartered in Arlington, Virginia, with approximately $15 billion in pro forma 2019 net sales.

Raytheon Missiles & Defense provides advanced solutions to detect, track, and engage threats. The segment is led by President Wes Kremer, headquartered in Tucson, Arizona, with approximately $16 billion in pro forma 2019 net sales.

Raytheon Technologies’ executive leadership team is comprised of Tom Kennedy, Executive Chairman; Greg Hayes, CEO; and Toby O’Brien, CFO.