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About Raytheon Technologies Corporation

Raytheon technologies provides high-tech products and services for the aerospace, and commercial building industries. It operates through engine aircraft manufacturer Pratt & Whitney; Carrier, its former climate, controls, and security business; Collins Aerospace Systems, maker of engine controls and flight systems for military and commercial aircraft; and Otis, the world's largest elevator and escalator manufacturer. The company generates the majority of its revenue in the US. In 2020, Raytheon Technologies Corporation completed the all-stock merger of equal transaction with United Technologies Corporation following the completion by United Technologies of its previously announced spin-offs of its Carrier and Otis businesses.

Operations

Raytheon Technologies operates through four segments: Pratt & Whitney, Carrier, Collins Aerospace Systems, and Otis.

Pratt & Whitney (over 25% of total sales) makes and sells aircraft engines for the commercial, military, business jet, and general aviation markets. It also provides fleet management and aftermarket maintenance services. Its Pratt & Whitney Canada is among the world's leading suppliers of engines for the general and business aviation markets, and also supplies products for regional airlines, utility airplanes, and helicopters.

The Carrier segment (nearly 25%) makes HVAC, refrigeration, fire, security, and building automation products for the commercial, industrial, smart cold chain, and residential sectors. It also provides a wide range of residential and building systems, including air conditioners, heating systems and controls, refrigeration, fire, flame, gas, smoke and carbon monoxide detection, portable fire extinguishers, fire suppression, intruder alarms, access control systems, video management systems and electronic controls.. Many of Carrier's security and fire safety products are marketed under the Chubb and Kidde brand names.

Collins Aerospace Systems (almost 35%) provides aerospace products and aftermarket services for aircraft manufacturers, airlines, regional, business and general aviation markets, the military, and space operations. Products include power generation and management and distribution, aircraft sensing and engine control systems, and surveillance and reconnaissance systems, among several others. It also provides information management services through voice and data communication networks worldwide.

The company's Otis segment (generating over 15% of revenue) is the world's largest elevator and escalator manufacturer. It designs, installs, and services a wide range of passenger and freight elevators as well as escalators and moving walkways. Otis also makes modernization products that improve the safety, reliability, and aesthetics of existing installations.

Overall, product sales generate around 70% of revenue, while the remainder comes from service sales.

Geographic Reach

Headquartered in Farmington, CT, Raytheon operates more than 650 major properties in almost 100 countries.

The US generates over 60% of the company's total sales, followed by Europe (over 15%) and the Asia Pacific region (over 10%).

Sales and Marketing

Customers in the commercial and industrial sectors contribute around 40% of Raytheon's total revenue. The commercial aerospace market generates almost 45%, and the military aerospace and space sectors over 15%. Carrier sells its products directly to customers and through joint ventures, distributors, dealers, and through retail channels. Otis sells directly to customers and through sales reps and distributors. Collins Aerospace Systems sells aerospace products and services to aircraft manufacturers, airlines and other aircraft operators, the U.S. and foreign governments, maintenance, repair and overhaul providers, and independent distributors.

Financial Performance

Revenue in 2019 spiked up by 16% to $77 billion compared with $66.5 billion the previous year. The increase in revenue was primarily driven by higher sales in Collins Aerospace Systems.

Net income reached $5.5 billion, up 5% over $5.2 billion in 2018, mainly from increased sales.

Cash at the end of fiscal 2019 was $7.4 billion, an increase of $1.2 billion from the prior year. Cash from operations contributed $8.8 billion to the coffers, while investing activities used $3.1 billion, mainly for capital expenditures. Financing activities used $4.6 billion, primarily from repayment of long-term debt.

Strategy

As part of the company's globalization strategy, it have invested in certain countries, including Argentina, Brazil, China, India, Indonesia, Mexico, Poland, Russia, South Africa, Turkey, Ukraine and countries in the Middle East and Central Asia, that carry high levels of currency, political, compliance and economic risk. Raytheon Technologies expects that sales to these and other emerging markets will continue to account for a significant portion of its sales as the company's businesses evolve and as these and other developing nations and regions around the world increase its demand for Raytheon's products.

Raytheon Technologies seeks to grow through strategic acquisitions in addition to internal growth. In the past several years, the company made various acquisitions, including the acquisition of Rockwell Collins in November 2018, and have entered into joint ventures intended to complement and expand its businesses. The company expects to continue to undertake such transactions in the future.

Mergers and Acquisitions

In early 2020, Raytheon Technologies Corporation, a Waltham, Massachussets-based aerospace and defense company, completed the all-stock merger of equals transaction with United Technologies Corporation, following the completion by United Technologies of its previously announced spin-offs of its Carrier and Otis businesses.

Company Background

United Technologies dates back to 1929 when William Boeing of Boeing Firms and Frederick Rentschler of Pratt & Whitney formed the United Aircraft and Transport Corporation. United Aircraft soon bought aviation companies Hamilton Aero, Standard Steel Propeller, and Sikorsky.

United Aircraft split in 1934 into three independent entities: United Airlines, Boeing Airplane Company, and United Aircraft. United Aircraft retained Pratt & Whitney and several other manufacturing interests. In 1975, the company changed its name to United Technologies Corporation, representing the intent to diversify into other fields in addition to the aerospace industry.

Raytheon Technologies Corporation

870 Winter St
Waltham, MA 02451-1449
Phone: 1 (781) 522-3000

Firm Stats

Employer Type: Publicly Owned
Stock Symbol: RTX
Stock Exchange: , NYSE
SVP Digital and CIO: Vince Campisi
Chairman, President, and CEO: Gregory J. Hayes
EVP and CFO: Akhil Johri
Employees (This Location): 430
Employees (All Locations): 243,200

Major Office Locations

Waltham, MA

Other Locations

Anchorage, AK
Fairbanks, AK
Juneau, AK
Ketchikan, AK
Auburn, AL
Foley, AL
Hoover, AL
Huntsville, AL
Mobile, AL
Montgomery, AL
Pelham, AL
Scottsboro, AL
Arkadelphia, AR
Conway, AR
Fayetteville, AR
Little Rock, AR
North Little Rock, AR
Glendale, AZ
Nogales, AZ
Phoenix, AZ
Tucson, AZ
Anaheim, CA
Bakersfield, CA
Beale Afb, CA
Brea, CA
Burbank, CA
Colton, CA
Concord, CA
Costa Mesa, CA
Cypress, CA
Downey, CA
Fairfield, CA
Fremont, CA
Fresno, CA
Hayward, CA
Lodi, CA
Los Angeles, CA
Monterey, CA
Newark, CA
North Highlands, CA
Oakland, CA
Pomona, CA
Riverside, CA
Sacramento, CA
San Diego, CA
San Francisco, CA
San Jose, CA
San Leandro, CA
Santa Fe Springs, CA
Sunnyvale, CA
Upland, CA
Whittier, CA
Aurora, CO
Boulder, CO
Centennial, CO
Colorado Springs, CO
Fort Collins, CO
Pueblo, CO
Bloomfield, CT
Bridgeport, CT
Broad Brook, CT
Cheshire, CT
Cromwell, CT
Danbury, CT
East Granby, CT
East Hartford, CT
Essex, CT
Farmington, CT
Middletown, CT
Newington, CT
Newtown, CT
North Haven, CT
Shelton, CT
South Windsor, CT
Windsor Locks, CT
Washington, DC
Bear, DE
New Castle, DE
Davie, FL
Fort Lauderdale, FL
Jacksonville, FL
Jupiter, FL
Lakeland, FL
Lakewood Ranch, FL
Miami, FL
Miami Gardens, FL
Miami Lakes, FL
Ocoee, FL
Opa Locka, FL
Orlando, FL
Pensacola, FL
Pompano Beach, FL
Sarasota, FL
Tallahassee, FL
Tampa, FL
West Palm Beach, FL
Acworth, GA
Athens, GA
Atlanta, GA
Augusta, GA
College Park, GA
Columbus, GA
Duluth, GA
Kennesaw, GA
Macon, GA
Marietta, GA
Midland, GA
Norcross, GA
Savannah, GA
Stone Mountain, GA
Hilo, HI
Honolulu, HI
Waipahu, HI
Cedar Rapids, IA
Davenport, IA
Des Moines, IA
Mason City, IA
Sioux City, IA
West Des Moines, IA
Boise, ID
Bridgeview, IL
Burr Ridge, IL
Carbondale, IL
Champaign, IL
Chicago, IL
Decatur, IL
Des Plaines, IL
Elmhurst, IL
Lisle, IL
Lombard, IL
Loves Park, IL
O Fallon, IL
Peoria, IL
Quincy, IL
Rockford, IL
Springfield, IL
Westchester, IL
Bloomington, IN
Crane, IN
Evansville, IN
Fort Wayne, IN
Granger, IN
Huntington, IN
Indianapolis, IN
Jeffersonville, IN
Muncie, IN
South Bend, IN
Terre Haute, IN
Bel Aire, KS
Hutchinson, KS
Kansas City, KS
Topeka, KS
Wichita, KS
Louisville, KY
Alexandria, LA
Baton Rouge, LA
Destrehan, LA
Geismar, LA
Lake Charles, LA
Metairie, LA
New Orleans, LA
Saint Rose, LA
Shreveport, LA
Auburn, MA
Boston, MA
Canton, MA
Chicopee, MA
Fall River, MA
Framingham, MA
Holliston, MA
Monson, MA
North Reading, MA
Peabody, MA
Taunton, MA
Westford, MA
Baltimore, MD
Bishopville, MD
Columbia, MD
Glen Burnie, MD
Hanover, MD
Lanham, MD
Linthicum Heights, MD
Savage, MD
Hermon, ME
North Berwick, ME
Westbrook, ME
Battle Creek, MI
Byron Center, MI
Detroit, MI
Farmington Hills, MI
Grand Rapids, MI
Jackson, MI
Kalamazoo, MI
Muskegon, MI
Traverse City, MI
Warren, MI
West Bloomfield, MI
Burnsville, MN
Duluth, MN
Roseville, MN
Saint Cloud, MN
Saint Paul, MN
Bridgeton, MO
Cape Girardeau, MO
Clarksdale, MO
Columbia, MO
Hazelwood, MO
Kansas City, MO
Saint Louis, MO
Springfield, MO
Byhalia, MS
Byram, MS
Jackson, MS
Billings, MT
Great Falls, MT
Helena, MT
Asheville, NC
Charlotte, NC
Concord, NC
Fayetteville, NC
Goldsboro, NC
Greenville, NC
Hickory, NC
Kernersville, NC
Lincolnton, NC
Monroe, NC
Mooresville, NC
Morrisville, NC
Raleigh, NC
Wilmington, NC
Wilson, NC
Bismarck, ND
Fargo, ND
Grand Forks, ND
Jamestown, ND
Omaha, NE
York, NE
Concord, NH
Manchester, NH
Clifton, NJ
Fairfield, NJ
Jamesburg, NJ
Kearny, NJ
Moorestown, NJ
Totowa, NJ
West Caldwell, NJ
Albuquerque, NM
Las Vegas, NV
Reno, NV
Albany, NY
Cheektowaga, NY
East Syracuse, NY
Endicott, NY
Long Island City, NY
New York, NY
Pittsford, NY
Plainview, NY
Poughkeepsie, NY
Rochester, NY
Rome, NY
Syracuse, NY
Vestal, NY
Yonkers, NY
Yorkville, NY
Akron, OH
Brooklyn Heights, OH
Canton, OH
Cincinnati, OH
Cleveland, OH
Columbus, OH
Dayton, OH
Heath, OH
Independence, OH
Mansfield, OH
North Canton, OH
Toledo, OH
Troy, OH
Westerville, OH
Broken Arrow, OK
Oklahoma City, OK
Tulsa, OK
Beaverton, OR
Bend, OR
Hood River, OR
Medford, OR
Portland, OR
Salem, OR
Tualatin, OR
Allentown, PA
Altoona, PA
Erie, PA
Harrisburg, PA
Johnstown, PA
Lititz, PA
Norristown, PA
Pittsburgh, PA
Plymouth Meeting, PA
Scottdale, PA
State College, PA
Santa Isabel, PR
Smithfield, RI
Bamberg, SC
Columbia, SC
Florence, SC
Greenville, SC
Hodges, SC
Myrtle Beach, SC
North Charleston, SC
West Columbia, SC
Aberdeen, SD
Sioux Falls, SD
Chattanooga, TN
Collierville, TN
Kingsport, TN
Lenoir City, TN
Memphis, TN
Nashville, TN
Portland, TN
Spring Hill, TN
Tullahoma, TN
Amarillo, TX
Austin, TX
Beaumont, TX
Carrollton, TX
Corpus Christi, TX
Dallas, TX
El Paso, TX
Fort Worth, TX
Galveston, TX
Grand Prairie, TX
Houston, TX
Laredo, TX
Lubbock, TX
Midland, TX
Pasadena, TX
San Antonio, TX
San Marcos, TX
Tyler, TX
Vidor, TX
Waco, TX
Wichita Falls, TX
Salt Lake City, UT
Arlington, VA
Ashburn, VA
Bluefield, VA
Centreville, VA
Charlottesville, VA
Glen Allen, VA
Hampton, VA
Langley Afb, VA
Lynchburg, VA
Mc Lean, VA
Newport News, VA
Richmond, VA
Roanoke, VA
Virginia Beach, VA
South Burlington, VT
Vergennes, VT
Williston, VT
Everett, WA
Kirkland, WA
Olympia, WA
Redmond, WA
Spokane, WA
Tukwila, WA
Yakima, WA
Brookfield, WI
Eau Claire, WI
Fitchburg, WI
Green Bay, WI
Kaukauna, WI
La Crosse, WI
Madison, WI
Milwaukee, WI
Oak Creek, WI
Peshtigo, WI
Bridgeport, WV
Huntington, WV
Scott Depot, WV
Union, WV
Wheeling, WV
Nanjing, China
Ahmedabad, India
Bengaluru, India
Bhubaneswar, India
Chandigarh, India
Chennai, India
Daman, India
Ghaziabad, India
Gurgaon, India
Hyderabad, India
Indore, India
Jaipur, India
Jamshedpur, India
Kolkata, India
Lucknow, India
Mumbai, India
New Delhi, India
Pune, India
Silvassa, India
Visakhapatnam, India
Chuo-Ku, Japan
Anjou, Canada
Burlington, Canada
Burnaby, Canada
Calgary, Canada
Conception Bay South, Canada
Dartmouth, Canada
Dryden, Canada
Edmonton, Canada
Etobicoke, Canada
Fredericton, Canada
Guelph, Canada
Halifax, Canada
Hamilton, Canada
Kamloops, Canada
Kanata, Canada
Kelowna, Canada
Kingston, Canada
London, Canada
Milton, Canada
Mississauga, Canada
Moncton, Canada
Montréal, Canada
Niagara Falls, Canada
Oakville, Canada
Oshawa, Canada
Ottawa, Canada
Owen Sound, Canada
Pointe-Aux-Trembles, Canada
Porcupine, Canada
Prince George, Canada
Québec, Canada
Red Deer, Canada
Regina, Canada
Repentigny, Canada
Saint John, Canada
Saskatoon, Canada
Sherbrooke, Canada
St Catharines, Canada
St. John'S, Canada
Sudbury, Canada
Surrey, Canada
Terrace, Canada
Thunder Bay, Canada
Toronto, Canada
Vancouver, Canada
Victoria, Canada
Waterloo, Canada
Windsor, Canada
Winnipeg, Canada
Aix En Provence, France
Villeneuve D Ascq, France
Villeurbanne, France
Bulandet, Norway
Hägersten, Sweden
Hisings Backa, Sweden
Linköping, Sweden
Malmö, Sweden
Norrköping, Sweden
Uppsala, Sweden
Taipei City, Taiwan
Aartselaar, Belgium
Bruxelles, Belgium
Dilbeek, Belgium
Herentals, Belgium
Machelen (Bt.), Belgium
Oostkamp, Belgium
Roeselare, Belgium
Zele, Belgium
Liverpool, England
Oulu, Finland
Tampere, Finland
Vantaa, Finland
Frankfurt Am Main, Germany
Da Nang, Vietnam
Ha Noi, Vietnam
Bogota, Colombia
Tegucigalpa, Honduras
Singapore, Singapore
San Jose, Costa Rica
Balerna, Switzerland
Belp, Switzerland
Chur, Switzerland
Dietlikon, Switzerland
Ecublens, Switzerland
Le Mont-Sur-Lausanne, Switzerland
Martigny, Switzerland
Plan-Les-Ouates, Switzerland
Pratteln, Switzerland
Reinach, Switzerland
St. Gallen, Switzerland
Villars-Sur-Glâne, Switzerland