RTX Corporation facts for kids
 |
|
|
Trade name
|
RTX |
|---|---|
|
Formerly
|
Raytheon Technologies Corporation (2020–2023) |
| Public | |
| Traded as | |
| ISIN | ISIN: [https://isin.toolforge.org/?language=en&isin=US75513E1010 US75513E1010] |
| Industry |
|
| Predecessors |
|
| 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. |
|
Area served
|
Worldwide |
|
Key people
|
Christopher T. Calio (CEO) Gregory J. Hayes (chairman) |
| Revenue |  US$80.74 billion (2024) |
|
Operating income
|
US$6.538 billion (2024) |
| US$4.774 billion (2024) |
|
| Total assets | US$162.9 billion (2024) |
| Total equity | US$60.16 billion (2024) |
|
Number of employees
|
186,000 (2024) |
| Subsidiaries |
|
RTX Corporation, also known as RTX, is a large 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. It also provides services related to intelligence.
RTX makes many different products. These include aircraft engines, parts for airplanes (called avionics and aerostructures), and solutions for cybersecurity. They also make guided missiles, air defense systems, satellites, and drones. A lot of the company's money comes from contracts with the U.S. government.
The company was created in 2020. This happened when two big companies, United Technologies Corporation (UTC) and the Raytheon Company, joined together. Before this, UTC separated its non-aerospace businesses, like Otis Elevator Company and Carrier Corporation. The new combined company was first called Raytheon Technologies Corporation. In July 2023, it changed its name to RTX.
RTX has three main parts: Collins Aerospace, Pratt & Whitney, and Raytheon.
Contents
History of RTX
Raytheon Company's Beginnings
The Raytheon Company started in 1922 in Cambridge, Massachusetts. It was founded by Laurence K. Marshall, Vannevar Bush, and Charles G. Smith. At first, it focused on new ways to keep things cold, like refrigeration. But soon, it shifted to electronics.
The company's first product was a special tube called a rectifier. It was named Raytheon, which means "light of/from the gods." This tube helped convert household electricity to power radios, so people didn't need big, expensive batteries anymore.
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.
Raytheon During Wartime
During World War II, Raytheon made many magnetron tubes. These tubes were used in microwave radar systems. By the end of the war in 1945, Raytheon made about 80 percent of all magnetrons. They also created radar systems for ships, especially to find submarines.
In 1945, a scientist at Raytheon named Percy Spencer accidentally invented the microwave oven. He discovered that the magnetron could quickly heat food. In 1947, the company showed off the Radarange microwave oven for commercial use.
Raytheon's Growth and Missiles
After the war, Raytheon developed the first guidance system for a missile. This system could hit a flying target. In 1948, Raytheon started making guided missiles. These included the air-to-air AIM-7 Sparrow and the ground-to-air MIM-23 Hawk missiles. In 1959, the company changed its name to Raytheon Company.
In the 1960s, Raytheon bought Amana Refrigeration, a company that made refrigerators and air conditioners. Using the Amana brand, Raytheon started selling the first countertop household microwave oven in 1967. They became a leading maker of microwave ovens.
During the Persian Gulf War in 1991, Raytheon's Patriot missile became very famous. It was known for shooting down Iraqi Scud missiles. This made sales of the Patriot missile system increase a lot around the world.
In the 1990s, Raytheon bought several other defense electronics businesses. This helped them become a leader in that area. They also sold off some of their non-defense businesses, like Amana Refrigeration.
United Technologies Corporation's Beginnings
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 was a very large company that combined interests in all parts of aviation. It included making aircraft engine and airframe manufacturing and running airlines.
However, in 1934, the U.S. government decided that such large companies were not fair for competition. New laws were passed that stopped companies from owning both aircraft or engine makers and airlines.
So, United Aircraft Corporation was formed in 1934. It included the manufacturing parts of the old company, like Pratt & Whitney and Sikorsky.
United Technologies During Wartime and Beyond
During World War II, United Aircraft was one of the top companies in the United States for making things for the war. After the war, United Aircraft started making jet engines and helicopters through its Pratt & Whitney and Sikorsky divisions.
In the 1950s, United Aircraft developed powerful jet engines, like the Pratt & Whitney J57. In the 1960s, Pratt & Whitney made the Pratt & Whitney JT9D for the Boeing 747 airplane.
In 1975, the company changed its name to United Technologies Corporation (UTC). This was to show that it was growing and getting into many different high tech areas beyond just aerospace. UTC bought other companies, like Otis Elevator in 1976 and Carrier Refrigeration in 1979.
Over the years, UTC continued to grow by buying other companies. In 1999, it bought Sundstrand Corporation, which became part of Hamilton Sundstrand. In 2012, United Technologies bought Goodrich and combined it with Hamilton Sundstrand to create UTC Aerospace Systems.
In 2018, UTC bought Rockwell Collins. As part of this deal, Pratt and Whitney and the new Collins Aerospace stayed with United Technologies. However, Otis Elevator and UTC Climate, Controls & Security (which included Carrier) became two separate, independent companies in March 2020.
Raytheon Technologies Forms
In June 2019, United Technologies announced that it planned to merge with the Raytheon Company. This new combined company would be one of the largest aerospace and defense companies in the world.
The merger was completed in April 2020. The new company was named Raytheon Technologies and moved its main office to Waltham, Massachusetts. Raytheon Technologies started trading on the New York Stock Exchange under the symbol RTX.
In July 2020, the company announced it would reduce some jobs in its commercial aviation part. This was because fewer people were traveling due to the global COVID-19 pandemic.
In 2022, during the Russian invasion of Ukraine, big arms makers like Raytheon Technologies saw an increase in their sales and profits.
In June 2022, the company announced it would move its global headquarters to Arlington, Virginia. This move was finished in July.
In January 2023, Raytheon Technologies announced it would combine some of its divisions. This created three main divisions: Collins Aerospace, Pratt & Whitney, and Raytheon. This change happened before the company officially rebranded to RTX in June 2023.
RTX Today
In July 2023, Raytheon Technologies Corporation officially changed its name to RTX Corporation.
In December 2023, RTX announced that its CEO, Greg Hayes, would step down in May 2024. He was replaced by Christopher Calio, who was the company president.
In August 2024, RTX had to pay money for some past issues related to sharing data and products with certain countries. The company also agreed to pay money to resolve other past issues, including some related to government contracts. The company has stated that these issues mostly happened before 2020 and that it is working to fix things.
Business Units of RTX
After the company reorganized in 2023, RTX Corporation has three main business units:
- Pratt & Whitney: This unit designs and builds engines for airplanes and other machines called gas turbines.
- Pratt & Whitney Canada
- Collins Aerospace: This unit designs and makes systems for commercial, regional, corporate, and military aircraft. It also supplies parts for international space programs. Collins Aerospace also provides industrial products for various industries.
- Raytheon: This unit includes businesses that work with governments. It also handles intelligence, surveillance, and reconnaissance (ISR) activities.
Images for kids
-
A U.S. soldier firing a Javelin
See also
In Spanish: RTX Corporation para niños
