Raytheon The Raytheon Company was founded in 1922 in
Cambridge, Massachusetts, by Laurence K. Marshall,
Vannevar Bush, and Charles G. Smith as the
American Appliance Company. Its focus, which was originally on new
refrigeration technology, soon shifted to
electronics. The company's first product was a gaseous (
helium)
rectifier that was based on Charles Smith's earlier
astronomical research of the star
Zeta Puppis. The electron tube was christened with the name
Raytheon ("light of/from the gods") and was used in a
battery eliminator, a type of
radio-receiver power supply that plugged into the
power grid in place of large
batteries. This made it possible to convert household
alternating current to
direct current for radios and thus eliminate the need for expensive, short-lived batteries. 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. By the 1930s, it had already grown to become one of the world's largest vacuum tube manufacturing companies. In 1933 it diversified by acquiring Acme-Delta Company, a producer of
transformers, power equipment, and electronic
auto parts. During World War II, Raytheon mass-manufactured
magnetron tubes for use in
microwave radar sets and then complete
radar systems. At war's end in 1945, the company was responsible for about 80 percent of all magnetrons manufactured. During the war, Raytheon also pioneered the production of shipboard radar systems, particularly for submarine detection. Raytheon ranked 71st among United States corporations in the value of World War II military production contracts. In 1945, Raytheon's
Percy Spencer invented the
microwave oven by discovering that the magnetron could rapidly heat food. In 1947, the company demonstrated the Radarange microwave oven for commercial use. After the war, Raytheon developed the first
guidance system for a missile that could intercept a flying target. In 1948, Raytheon began to manufacture
guided missiles, including the
SAM-N-2 Lark, and eventually the air-to-air
AIM-7 Sparrow, and the ground-to-air
MIM-23 Hawk missiles. In 1959, Raytheon acquired the marine electronics company Apelco Applied Electronics, which significantly increased its strength in commercial marine navigation and radio gear, and changed its name to Raytheon Company. During the post-war years, Raytheon also made generally low- to medium-powered radio and television
transmitters and related equipment for the commercial market. In the 1950s, Raytheon began manufacturing
transistors, including the
CK722, priced for and marketed to hobbyists. Under the direction of
Thomas L. Phillips in 1965, it acquired
Amana Refrigeration, Inc., a manufacturer of
refrigerators and
air conditioners. Using the Amana brand name and its distribution channels, Raytheon began selling the first countertop household
microwave oven in 1967 and became a dominant manufacturer in the microwave oven business. In 1991, during the
Persian Gulf War, Raytheon's
Patriot missile received great international exposure. It was credited for downing Iraqi
Scud missiles. The exposure resulted in a substantial increase in sales for the company outside the United States. By 2006, Raytheon reported $283.9 million in global revenues for its Patriot missile system. The businesses were purchased for $2.3 billion and $2.95 billion, respectively. Raytheon also divested itself of several nondefense businesses in the 1990s, including
Amana Refrigeration and Seismograph Service Ltd (sold to
Schlumberger-
Geco-Prakla). In November 2007, Raytheon purchased robotics company
Sarcos, and in October 2009, Raytheon acquired
BBN Technologies. In December 2010,
Applied Signal Technology agreed to be acquired by Raytheon for $490 million. In October 2014, Raytheon beat rivals
Lockheed Martin and
Northrop Grumman for a contract to build 3DELRR, a next-generation long-range radar system, for the
US Air Force worth an estimated $1 billion. The contract award involved the construction of next-generation radar that can track aircraft, missiles, and remotely piloted aircraft. It was immediately protested by Raytheon's competitors. After re-evaluating the bids following the protests, the
US Air Force decided to delay awarding the 3DELRR EMD contract until 2017 and was to issue an amended solicitation at the end of July 2016. In 2017 the Air Force again awarded the contract to Raytheon. In May 2015, Raytheon acquired cybersecurity firm Websense, Inc. from Vista Equity Partners for $1.9 billion and combined it with RCP, formerly part of its IIS segment to form Raytheon|Websense. In October 2015, Raytheon|Websense acquired Foreground Security, a provider of security operations centers, managed security service solutions and cybersecurity professional services, for $62 million. In January 2016, Raytheon|Websense acquired the firewall provider Stonesoft from
Intel Security for an undisclosed amount and renamed itself to Forcepoint. 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, and in 2017,
Saudi Arabia signed business deals worth billions of dollars with multiple American companies, including Raytheon. 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.
United Technologies Corporation In 1929,
William Boeing's
Boeing Airplane & Transport Corporation teamed up with
Frederick Rentschler's
Pratt & Whitney to form the
United Aircraft and Transport Corporation, a large,
vertically integrated,
amalgamated firm, uniting business interests in all aspects of
aviation—a combination of
aircraft engine and airframe manufacturing and
airline business, to serve all aviation markets, both
civil aviation (cargo, passenger,
private,
air mail) and
military aviation. After the
Air Mail scandal of 1934, the U.S. government concluded that such large holding companies as United Aircraft and Transport were anti-competitive, and new
antitrust laws were passed forbidding airframe or engine manufacturers from having interests in airlines. United Aircraft became a component of the
Dow Jones Industrial Average on March 4, 1939, when United Aircraft and
AT&T were added to replace
Nash Motors and
International Business Machines. The company and its successors remained a component of the Dow Jones Industrial Average through August 2020. It was announced that starting August 31, 2020, Raytheon Technologies would be substituted in the
Dow Jones Industrial Average by
Honeywell International. During World War II, United Aircraft ranked sixth among United States corporations in the value of wartime production contracts. (The change became official on May 1, 1975.) The diversification was partially to balance civilian business against any overreliance on military business. In 1979,
Carrier Refrigeration was acquired; 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. In 2005, UTC further pursued its stake in the fire and security business by purchasing
Kidde. Also in 2005, UTC acquired Boeing's
Rocketdyne division, which was merged into the
Pratt & Whitney business unit and renamed
Pratt & Whitney Rocketdyne (later sold to
Aerojet and merged into
Aerojet Rocketdyne). In November 2008, UTC's
Carrier Corporation acquired NORESCO, an
energy service company. 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. In September 2011, UTC acquired an $18.4 billion deal (including $1.9 billion in net debt assumed) for aircraft components maker
Goodrich Corporation. In July 2012, United Technologies acquired
Goodrich and merged it with
Hamilton Sundstrand, forming
UTC Aerospace Systems. In November 2018, UTC acquired
Rockwell Collins for $23 billion ($30 billion including Rockwell Collins' net debt). As part of the deal,
Pratt and Whitney and the newly-formed
Collins Aerospace remained under United Technologies, while
Otis Elevator and
UTC Climate, Controls & Security (doing business as
Carrier) were spun off as two independent companies. The spin off was completed in March 2020.
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. 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. The merger was completed in April 2020. Raytheon Technologies began trading at $51 per share, on the New York Stock Exchange under the ticker RTX. 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. In December 2020, the Board of Directors authorized a $5 billion repurchase of common stock. In 2022, during the
Russian invasion of Ukraine, major arms manufacturers, including Raytheon Technologies, reported a sharp increase in interim sales and profits. On June 7, 2022, the company announced plans to move its global headquarters to
Arlington, Virginia. The reorganization was preceded by the rebranding to RTX in June 2023.
RTX , gathered outside the RTX office on November 9, 2023, to protest arms shipments to
Israel. In July 2023, Raytheon Technologies Corporation changed its name to RTX Corporation. RTX's supply of weapons to Israel led to protests against the company during the
Gaza war. On December 14, 2023, for example, protestors blocked the entrance to an RTX facility in Arizona. In early 2024, 15 people were arrested after blocking access to RTX and
BAE Systems facilities in
Louisville, Kentucky in protest against supplying weapons to Israel. In December 2023, RTX announced that CEO Greg Hayes would step down the following May and be replaced by company president
Christopher T. Calio. In August 2024, RTX was fined US$200 million for
International Traffic in Arms Regulations violations, including exchanging data and products with prohibited countries such as China. RTX Corporation has agreed to pay over $950 million to resolve multiple federal investigations involving bribery, government contracting violations, and export control breaches. The settlement, announced on October 16, 2024, includes penalties for bribing a Qatari official with ties to the country's royal family and defrauding the
U.S. Defense Department in procurement contracts. According to the SEC's order, Raytheon used sham subcontracts with a supplier to pay bribes of nearly $2 million to Qatari military and other officials to obtain defense contracts. Additionally, for almost two decades until 2020, Raytheon paid more than $30 million to a Qatari agent related to the
Qatari Emir, despite the agent lacking a background in defense contracting. The second agreement, made with DOJ officials in Boston, involves RTX paying $574 million to settle allegations of overcharging in federal contracts. This includes schemes to defraud the U.S. Department of Defense in connection with the provision of defense products and services, such as
Patriot missile systems and radar systems intended for an undisclosed foreign customer. As part of the settlement, RTX will also pay a $124 million penalty to the Securities and Exchange Commission. The company has acknowledged responsibility for the misconduct, which largely occurred prior to 2020, and has stated that it is working on remediation efforts. ==Business units==