Raytheon merges with United to form Raytheon Technologies Corporation
In April 2020, Raytheon Company merged with United Technologies Corporation to form Raytheon Technologies Corporation. United divisions Otis and Carrier were spun off into separate publicly traded companies to ease anti-trust concerns. Raytheon gained Pratt and Whitney, an aircraft manufacturer based in Connecticut, and Collins Aerospace Systems, an avionics and systems company based in North Carolina. In 2019, the two United subsidiaries reported a combined $47.0 billion in net sales. The acquisition expanded Raytheon’s product portfolio, production capabilities, expertise and customer base. IBISWorld estimated the company to own 31.2% of the Space Vehicle and Missile Manufacturing industry in the United States.
New Activity|M&AIn response to volatile demand in the wake of the first COVID-19 surge, the company undertook a comprehensive cost reduction program, aimed at shoring up labor and supply costs.
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