On the 3rd of April, Raytheon Technologies Corporation announced the successful completion of the all-stock ‘merger of equals’ transaction between Raytheon Company and United Technologies Corporation. Upon closing the merger, United Technologies’ name has changed to ‘Raytheon Technologies Corporation’, an entity which includes Collins Aerospace Systems, the specialist in aircraft interiors equipment.
Headquartered in Waltham, Massachusetts, Raytheon Technologies is one of the largest aerospace and defence companies in the world, with approximately US$74 billion in pro forma 2019 net sales and a global team of 195,000 employees, including 60,000 engineers and scientists.
According to Raytheon Technologies, the combined company expects to introduce ‘breakthrough technologies at an accelerated pace’ across high-value areas such as hypersonics, directed energy, avionics and cybersecurity. In addition, Raytheon Technologies says it has a strong balance sheet and cash flows to support critical business initiatives, including company and customer-funded R&D.
“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.”
Structure and leadership
Raytheon Technologies has four segments focused on high-priority areas for customers. (Note: 2019 net sales are prior to intercompany eliminations)
- Collins Aerospace Systems specialises in aircraft interiors, aerostructures, avionics, 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 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 sensors, training, and cyber and software solutions. 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 & Defense provides 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.
Raytheon Technologies’ executive leadership team is comprised of Tom Kennedy, executive chairman, Greg Hayes, CEO, and Toby O’Brien, CFO.