The Raytheon Company and United Technologies Corporation (UTC) have merged to create a new firm, Raytheon Technologies.
The merger, which took effect on 3rd April 2020, combines know-how and production capacities in aerospace and defence systems under one roof.
The previous CEOs of Raytheon and UTC, respectively Thomas A. Kennedy and Gregory J. Hayes, will jointly lead the new company.
Raytheon Technologies is divided into four segments:
- Collins Aerospace Systems incorporating aircraft structures, avionics, interiors, mechanical systems, mission systems and power controls. These are for customers in the civil, regional, business aviation and military sectors.
- Pratt & Whitney aircraft engines and auxiliary power systems for commercial, military and business aircraft.
- Raytheon Intelligence & Space with modern sensors, training, cyber and software solutions for all customer groups.
- Raytheon Missiles & Defense with end-to-end solutions to detect, track and combat threats.
In 2019, Raytheon had sales of around €24 billion in defence products, ranking it fourth in Defense News’ top 100 list while UTC had sales of €9 billion and €53 billion in defence and civilian products respectively. If economic conditions remain unchanged, the new defence company could generate revenues in the region of €33 billion in 2020, which would put Boeing at a disadvantage on the top 100 list.