RTX Corporation facts for kids
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Trade name
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RTX |
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Formerly
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Raytheon Technologies Corporation (2020–2023) |
| Public | |
| Traded as |
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| ISIN | ISIN: [https://isin.toolforge.org/?language=en&isin=US75513E1010 US75513E1010] |
| Industry |
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| Predecessors |
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| Founded | April 3, 2020 |
| Founders | Vannevar Bush Laurence K. Marshall Charles G. Smith (as American Appliance Company, later Raytheon in 1922) Frederick Rentschler (as United Technologies in 1934) |
| Headquarters | Arlington, Virginia, U.S. |
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Area served
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Worldwide |
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Key people
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Christopher T. Calio (CEO) Gregory J. Hayes (Chairman) |
| Revenue |  US$68.92 billion (2023) |
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Operating income
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 US$3.56 billion (2023) |
| US$3.20 billion (2023) |
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| Total assets | US$161.9 billion (2023) |
| Total equity | US$59.80 billion (2023) |
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Number of employees
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185,000 (2023) |
| Subsidiaries |
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RTX Corporation, once known as Raytheon Technologies Corporation, is a huge American company. It makes things for airplanes and for defense. Its main office is in Arlington, Virginia.
RTX is one of the biggest companies in the world for aerospace and defense. They make many important products. These include aircraft engines, avionics (airplane electronics), parts for planes, cybersecurity tools, guided missiles, air defense systems, satellites, and drones. A big part of their business comes from contracts with the U.S. government.
The company was formed on April 3, 2020. This happened when two large companies, United Technologies Corporation (UTC) and Raytheon Company, joined together. Before this, UTC separated its non-aerospace businesses, like Otis Elevator Company and Carrier Corporation. The combined company was first called Raytheon Technologies. In July 2023, it changed its name to RTX.
RTX has three main parts: Collins Aerospace, Pratt & Whitney, and Raytheon.
Contents
Company History
Raytheon's Story
The Raytheon Company started in 1922 in Cambridge, Massachusetts. It was founded by Laurence K. Marshall, Vannevar Bush, and Charles G. Smith. Back then, it was called the American Appliance Company. They first worked on new ways to cool things down, like refrigeration. But soon, they focused on electronics.
Their first product was a special tube called a "rectifier." It helped convert household electricity to power radios. This meant people didn't need big, expensive batteries for their radios anymore. They named this tube Raytheon, which means "light of/from the gods."
In 1925, the company changed its name to Raytheon Manufacturing Company. By the 1930s, it was one of the world's largest makers of vacuum tubes. They also started making other electronic parts.
Raytheon and World War II
During World War II, Raytheon made many magnetron tubes. These tubes were key parts of microwave radar systems. Radar helped find ships and planes. By the end of the war, Raytheon made about 80% of all magnetrons. They also created radar systems for ships, especially to find submarines.
In 1945, a Raytheon scientist named Percy Spencer made an amazing discovery. He found that the magnetron could quickly heat food. This led to the invention of the microwave oven. In 1947, the company showed off the first microwave oven for businesses.
Missiles and Modern Growth
After the war, Raytheon started making guided missiles. They developed systems that could hit flying targets. Some famous missiles they made include the AIM-7 Sparrow and the MIM-23 Hawk. In 1959, the company officially changed its name to Raytheon Company.
Raytheon also made radio and TV equipment. In the 1950s, they started making transistors, which were tiny electronic switches. In 1965, they bought Amana Refrigeration, Inc. Using the Amana name, Raytheon began selling the first home microwave ovens in 1967.
In 1991, during the Gulf War, Raytheon's Patriot missile became very famous. It was used to shoot down enemy missiles. This made sales of the Patriot missile go way up around the world.
Through the 1990s, Raytheon bought many other companies. This helped them become a leader in defense electronics. They bought parts of Chrysler Corporation, Texas Instruments, and Hughes Aircraft Company. At the same time, they sold off businesses that weren't related to defense, like Amana Refrigeration.
In later years, Raytheon continued to grow. They bought robotics company Sarcos in 2007 and BBN Technologies in 2009. They also won big contracts, like building a new long-range radar system for the U.S. Air Force.
In 2015, Raytheon bought a cybersecurity company called Websense. They later changed its name to Forcepoint. This helped them offer more solutions for computer security.
United Technologies Corporation's Journey
In 1929, William Boeing's Boeing Airplane & Transport Corporation joined with Frederick Rentschler's Pratt & Whitney. They formed the United Aircraft and Transport Corporation. This company made both airplane engines and airplane bodies. They also owned airlines.
However, in 1934, the U.S. government decided that such big companies were not fair for competition. New laws were made. These laws stopped companies that made planes or engines from also owning airlines.
So, United Aircraft Corporation was formed in 1934. It included parts like Pratt & Whitney and Sikorsky. Frederick Rentschler became its president.
United Aircraft became a very important company. It was even part of the Dow Jones Industrial Average, which tracks major U.S. companies.
Growth and Diversification
During World War II, United Aircraft was one of the top companies making things for the war effort. After the war, they started making jet engines and helicopters. Pratt & Whitney made powerful jet engines, like the Pratt & Whitney J57 and the Pratt & Whitney JT9D for the Boeing 747.
In 1974, Harry Jack Gray became the CEO. He wanted the company to grow and make many different kinds of products. In 1975, the company changed its name to United Technologies Corporation (UTC). This showed their plan to get into many different high tech areas. They wanted to balance their military business with civilian products.
UTC bought many other companies. In 1976, they bought Otis Elevator. In 1979, they bought Carrier Refrigeration.
Major Acquisitions and Spin-offs
In 1999, UTC bought Sundstrand Corporation. They combined it with their Hamilton Standard unit to create Hamilton Sundstrand. UTC also got into the fire and security business. They bought Chubb Security in 2003 and Kidde in 2005.
In 2011, UTC made its biggest purchase yet. They bought Goodrich Corporation, which made aircraft parts. In 2012, Goodrich joined with Hamilton Sundstrand to form UTC Aerospace Systems.
In 2018, UTC bought Rockwell Collins for a large sum of money. After this deal, Pratt & Whitney and the new Collins Aerospace stayed with United Technologies. But Otis Elevator and UTC Climate, Controls & Security (Carrier) became separate companies. This separation was finished in March 2020.
Raytheon Technologies Forms
In June 2019, United Technologies announced a plan to merge with the Raytheon Company. This new combined company would be worth over $100 billion. It would become the second-largest aerospace and defense company in the world, after Boeing.
Even though UTC was the company that legally continued, the new company took the name Raytheon Technologies. Its main office moved to Raytheon's old campus in Waltham, Massachusetts. The merger was completed in April 2020. Raytheon Technologies started trading on the New York Stock Exchange under the symbol RTX.
In July 2020, the company announced job cuts. Over 8,000 jobs were cut in its commercial aviation part. This was because of less travel during the global COVID-19 pandemic.
In 2022, during the Russian invasion of Ukraine, big arms makers like Raytheon Technologies saw more sales and profits.
In June 2022, the company announced it would move its main office to Arlington, Virginia. This move was finished in July.
In January 2023, Raytheon Technologies announced a big change. They would combine their missiles and defense division with their intelligence and space division. This created a single new business unit. This change happened on July 1. This reorganization created three main parts for Raytheon Technologies: Collins Aerospace, Pratt & Whitney, and Raytheon. This change happened just before the company rebranded to RTX in June 2023.
RTX Today
In July 2023, Raytheon Technologies Corporation officially changed its name to RTX Corporation.
RTX has faced protests from groups who disagree with the company supplying weapons to certain areas. For example, in December 2023, people protested outside an RTX building in Arizona. In early 2024, some people were arrested for blocking access to RTX facilities in Kentucky during protests.
In December 2023, RTX announced that its CEO, Greg Hayes, would step down in May. Christopher Calio, the company president, would take his place.
RTX Business Units
After the 2020 merger, Raytheon Technologies Corporation had four main business units. In 2023, the company changed its name to RTX Corporation and reorganized into three main parts:
- Pratt & Whitney: This unit designs and builds engines for aircraft. They also make gas turbines.
- Pratt & Whitney Canada is part of this unit.
- Collins Aerospace: This part designs and makes aerospace systems. These are for commercial planes, regional planes, company jets, and military aircraft. They also supply products for space programs. Collins Aerospace was formed when UTC bought Rockwell Collins in 2018. It combined with UTC Aerospace Systems.
- Raytheon: This unit includes the government-focused businesses. It also handles intelligence, surveillance, and reconnaissance (ISR) work. This part was created by combining what used to be Raytheon Intelligence & Space (RIS) and Raytheon Missiles & Defense (RMD).
