Raytheon Technologies Company Profile

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Raytheon Technologies
Company Profile

Faulkner Staff

Docid: 00018781

Publication Date: 2208

Report Type: VENDOR


Raytheon Technologies was formed out of the April 2020 mega-merger of
the Raytheon Company and United Technologies Corporation. This all-stock transaction saw the
creation of a "premiere systems" provider for addressing the aerospace and
defense segments. Raytheon now has 174,000 employees worldwide and serves a wide
assortment of US and international customers. Primary operating companies
include: Collins Aerospace, Pratt & Whitney, Raytheon Intelligence & Space, and
Raytheon Missiles & Defense. This report takes a more extensive look at Raytheon
Technologies’ operations.

Report Contents:

Fast Facts

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Name: Raytheon Technologies Corporation
1000 Wilson Boulevard
Arlington, VA 22209
Phone: (781) 522-3000
Fax: (781) 522-3001
Web: https://www.rtx.com/
Type of Vendor: Defense and Electronics Contractor
Founded: 1922 (as Raytheon Company); 2020 (merged with United Technologies)
Service Areas: International
Stock Symbol: RTX (NYSE)


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Raytheon – now known as Raytheon Technologies Corporation – finalized a
merger agreement with United Technologies Corp (UTC) in April 2020 that was
rumored to be valued at $135 billion1. Although the merged company
retained the Raytheon name, the Raytheon Company in fact became a wholly-owned
subsidiary of UTC and UTC was renamed "Raytheon Technologies Corporation."
This "all-stock merger of equals" effectively created a "premier
systems provider" to address the aerospace and defense segments, in addition
to expanding access to their complimentary portfolios, technology base, R&D
capabilities, and other enhanced resources and financial flexibility. The company
is a top defense contractor in the world, with a presence in 54 countries (2021).
Specializing in the defense, security, and civil markets, the firm has 174,000
employees worldwide (2021), including 58,000 engineers. Today, Raytheon serves a
broad range of US-based and international clients, primarily as a prime contractor,
and offers defense and related programs for its government customers.

Post-merger, Raytheon’s primary operations now include:

  • Collins Aerospace – Aerospace and defense products
  • Pratt & Whitney – Aerospace and global services
  • Raytheon Intelligence & Space – Intelligence information and services, as well as space and airborne systems
  • Raytheon Missiles & Defense – Air and missile defense systems, precision weapons, radars, and command and control systems

As part of the transaction, the companies also divested Raytheon’s military airborne radios business and UTC’s military GPS and Space Optical
Systems businesses, with United also agreeing to effect the separations of its
Otis and Carrier businesses into separate, publicly-traded companies.

History & Milestone Events

Raytheon’s history spans 92 years and includes a portfolio that is designed to address the many different aspects
of “C4ISR” (command, control, communications, computers, intelligence, surveillance, and reconnaissance).
This includes electronics, mission-systems integration, and other capabilities in the areas of sensing, effects,
C3I (command, control, communications, and intelligence systems), and cyber, as well as many different
types of mission-support services. The company was founded on July 7, 1922, in Cambridge, Massachusetts, as the
American Appliance Company. The original founders included Vannevar Bush, later the dean of MIT’s School of
Engineering; Laurence Marshall, an engineer; and Charles G. Smith, a scientist specializing in the electrical
properties of gases.

The defense contractor refers to itself as “one of the earliest technology start-ups.” It lived up to this name
by launching its first product, the S gas rectifier tube, a component designed to allow home radios to be powered
by an electrical outlet with considerably less hardware required. It was not until World War II that the company
truly entered the defense contracting market. Its first forays occurred when its employees joined the war effort
by providing 80 percent of the magnetron tubes used in US and British radar deployments. This military product
would dovetail into one of the company’s greatest consumer successes, the microwave oven. Although its success
in the appliance market continued through the mid-twentieth century, Raytheon began to transform into the company
it is today during the 1950s.

As a military contractor, the company successfully tested the first ground-to-air missile with an automated
onboard guidance system, the Lark Missile, in 1950. This would become the first in a long line of guided missile
systems, which Raytheon continues to produce even today. Other milestones in Raytheon’s past include providing
the computer and transmitters for the Apollo 11 moon mission, providing many of the munitions deployed by the
US military during the Vietnam War, and developing the first ballistic missile countermeasure, the Patriot Missile

Today, the vast majority of Raytheon’s news is related to government contracts for services and equipment. Recent
news items in Raytheon’s history have included:

  • 2012 – Acquires SafeNet’s Government Solutions business.
  • 2013 – Opens a cyber facility in San Antonio, Texas.
  • 2014 – Appoints Thomas Vecchiolla as President, Raytheon International.
  • 2015 – Reaches agreement to deploy cybersecurity and infrastructure technology as part of a
    $1 billion US Department of Homeland Security contract.
  • 2016 – Signs a contract to provide the US Air Force with medium range air-to-air missiles
    for $573 million.
  • 2017 – Raytheon establishes Raytheon Emirates as a wholly-owned subsidiary to provide
    aerospace and defense businesses to foster cyber-secure digital transformation … Teams with Pivotal Software to
    assist the US Department of Defense in developing new software capabilities for the military, in particular
    assisting with its migration of legacy applications to the cloud, as well as the acceleration of software
  • 2018 – Appoints Sally Sullivan as VP, US Business Development, and Ed Fortunato as VP,
    Government Relations.
  • 2019 – Announces plans to combine its operations with those of United Technologies in an
    "all-stock merger of equals" … Appoints new Group Presidents Wesley Kremer (Missile Systems) and
    Ralph Acaba (Integrated Defense Systems) to replace the retiring Taylor Lawrence … Collaborates with IBM’s
    Red Hat to develop DevSecOps security-focused software development products.
  • 2020 – Completes the merger with UTC and is formally renamed Raytheon Technologies
    Corporation … Works with RAFAEL to establish an "Iron Dome" weapon system production facility
    in the US.
  • 2021 – Thomas A. Kennedy, executive chair of the Board of Directors, retires and is replaced
    by Greg Hayes who maintains his role as CEO of Raytheon Technologies.
  • 2022 – Names Christopher T. Calio as chief operating officer; Shane G. Eddy succeeds Calio
    as president of the Pratt & Whitney business unit … Establishes its global headquarters in Arlington,
    Virginia, relocating from the former Raytheon Company’s long-established home base of Waltham, Massachusetts.


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Raytheon’s strategy is to focus on technology, innovation, and mission
assurance for existing and evolving customer needs, as well as to sustain and
grow its position in core markets such as sensing, effects, C4ISR (command,
control, communications, computers, intelligence, surveillance, and
reconnaissance), and cyber. Aspects of Raytheon’s strategy include:

  • Building on areas of strength within key mission areas.
  • Focusing additional resources on emerging opportunities within the
    Department of Defense market.
  • Engaging key countries as individual markets with multiple customers.
  • Extending advanced cyber technology beyond the US government and into
    international and commercial markets.


Raytheon believes that its broad mix of technology, domain expertise, and key
capabilities – as well as its ability to align these strengths with customer
needs – positions it to favorably grow in all of its areas. The firm is
generally regarded as a technology and innovation leader in the markets for
government defense, civil government, and cybersecurity solutions. The company
is also a top vendor for government contracts that provide electronics, mission
systems, integration, C4I products and services, sensing, effects, and
mission-support services. Full-year net sales totaled more than $64 billion

Raytheon’s global team works to "make the world a safer place" by
specializing in contracts for missile defense, command and control, sensors and
imaging, cyber, electronic warfare, precision weapons, training, and mission
support. This portfolio expansiveness allows Raytheon to stand out from many of
its competitors.


  • Global Economic, Capital Market and Political Conditions. Given 2022’s inflationary pressures
    both in the US and in other countries, Raytheon expects to experience labor and material cost increases at a rate
    higher than that experienced in recent years. Due to the nature of government and commercial aerospace businesses,
    and the customer and supplier contracts within those businesses, the company may not be able to increase its contract
    value or pricing, in particular on fixed price contracts, to offset such cost increases.
  • COVID-19 Continues to Affect Business, Supply Chain, and Operations. The decrease in air travel
    is adversely affecting airline customers and the demand for Raytheon’s products and services. Aircraft manufacturers
    have reduced production rates and cancelled new programs; as a result, the demand for original equipment manufacturer
    (OEM) products has decreased. In addition, significant declines in aircraft flight hours have resulted in reduced demand
    for aftermarket parts and services. Border closings, lockdowns, and labor shortages have also negatively impacted global
    supply and distribution capabilities while increasing the cost of supplies and creating delivery issues resulting in
    shortages and delays in the procurement of raw materials, components, and other supplies.
  • Dependence on US and Foreign Government Contracts. Significant changes in US government defense
    spending could have an adverse effect on the company’s operations. Such changes could be the result of government policies,
    regulations, budget decisions, and the appropriations process. Similarly, since Raytheon conducts business on a global basis
    with a significant portion of sales derived from international operations, changes in local and regional economic conditions,
    including fluctuations in exchange rates, may affect product demand and reported profits for its non-US operations.
  • Recruitment and Retention of Qualified Personnel. The specialized nature of Raytheon’s business makes
    it highly dependent on the continued services of key technical personnel and executive officers, the development of additional
    management personnel, and the hiring of new qualified technical, manufacturing, marketing, sales, and management staff for its
    operations. Not only is the competition for such personnel intense, but the company may continue to experience personnel
    reductions as a result of the COVID-19 pandemic’s impact. In addition, a significant percentage of the current workforce is
    nearing or eligible for retirement. To the extent that Raytheon loses experienced personnel, it is critical to develop other
    employees, hire new qualified personnel, and successfully manage the transfer of critical knowledge.


In the company’s 2021 annual report, CEO Greg Hayes stated, "Looking ahead, we anticipate sustained progress across the
entire company. As our defense business extends its steady growth, we are also positioned to further capitalize as commercial
aviation travel continues to recover, though disparate vaccination rates and COVID-19 variants still pose risks. And I am
confident that our investments in technology, innovation and operational excellence will continue to drive success far into
the future."

Raytheon Technologies has identified three key areas that it feels are prime for innovation: smarter defense systems,
intelligent space technologies, and sustainable, more connected flight.

Among the defense systems the company is currently developing, a partnership between Raytheon Missiles & Defense (RMD) and
Northrop Grumman completed the first successful flight test of a scramjet-powered hypersonic weapon, which achieved sustained
speeds of Mach 5 (five times the speed of sound). In addition, RMD also began installation of the AN/SPY-6(V)1 radar it delivered
last year to the US Navy destroyer USS Jack H. Lucas. This technology will enable Navy ships to see further and react more quickly
to imminent threats.

Investment in space solutions is aimed to increase an understanding of the planet, advance defense capabilities, and create
opportunities for greater civilian space exploration. Raytheon Intelligence & Space’s Blackjack sensor is a low-Earth orbit
satellite constellation program providing global coverage against advanced threats. It is currently on track to meet the Defense
Advanced Research Project Agency’s rapid delivery schedule. Collins Aerospace, meanwhile, has been tasked to design a next-generation
spacesuit for astronauts on current International Space Station missions, future NASA Artemis missions to the moon, and commercial

Focusing on the commercial aviation industry, the Pratt & Whitney division announced its new GTF Advantage engine that is designed
to be the world’s most fuel-efficient and sustainable single-aisle aircraft engine, delivering a 17 percent reduction in fuel
consumption and CO2 emissions versus previous generation engines. It will also be compatible with 100 percent sustainable aviation
fuels when it enters service. Additionally, Collins is collaborating with Pratt & Whitney and the governments of Quebec and Canada
on a hybrid-electric propulsion flight demonstrator.

Meanwhile, the company remains intent on reducing structural costs, increasing its post-merger gross cost-synergy target from
$1 billion to $1.5 billion while opening two major new facilities – an Advanced Integration and Manufacturing Center in McKinney,
Texas, designed to fully incorporate digital transformation including automated manufacturing tools and an ISO 7 clean room, and
a new turbine airfoil production facility in Asheville, North Carolina, that is scheduled to open in 2022.

Product Lines

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Raytheon serves both domestic and international
clients, principally as a prime contractor, and offers a portfolio
of defense and related programs for its government customers. Raytheon
operates across four primary business segments:

  • Collins Aerospace – Aerospace and defense products
  • Pratt & Whitney – Aerospace and global services
  • Raytheon Intelligence & Space – Intelligence information and services, as well as space and airborne systems
  • Raytheon Missiles & Defense – Air and missile defense systems, precision weapons, radars, and command and control systems.

These business lines are detailed
in Table 1.

Table 1. Business Segments
Segment Description Areas of Coverage
Collins Aerospace Aerospace and Defense Commercial Aviation, Business Aviation, Military and Defense,
Helicopters, Space, and Airports
Pratt & Whitney Aerospace and Global Services Engines, Power Units, and Automation Services
Raytheon Intelligence & Space Intelligence Information and Services and Space and Airborne Systems Command and Control, Communications and Navigation, Cybersecurity,
Modernization Training and Mission Support, and Space Solutions
Raytheon Missiles & Defense Air and Missile Defense Systems, Precision Weapons, Radars, and Command
and Control Systems
Air Warfare, Counter-UAS, Hypersonics, Land Warfare, Missile Defense,
Naval Warfare

Raytheon also offers Raytheon
Professional Services, a group for providing business consulting
services. These offerings leverage Raytheon training services and technology to
design customized learning services that provide outcomes based on “best
practices,” proven successes, and the ability to drive measurable results.
Raytheon provides its training outsourcing and performance-consulting services
in over 100 countries.

Major Competitors

Raytheon directly participates in most major areas
of development in the defense and government electronics, space, IT, and
technical services and support markets. The company competes worldwide with
a number of US and international companies in those markets. Since the beginning of the current
military-industrial complex, contractors have been attempting to outperform
and underbid one another for the military and defense contracts handed out
by various government agencies and armed forces branches. Although no two
defense contractors offer the exact same products and services, there is an
overlap among the major players in the industry.

As a result, Raytheon aggressively jockeys for contracts under a
competitive bidding and/or demonstration process. Other top
vendors in this area include Lockheed Martin, Boeing, Northrop Grumman, and
General Dynamics. Some of Raytheon’s top competitors include:


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Mergers, Acquisitions, and Divestitures

Raytheon Technologies has signed a definitive agreement to acquire privately-held
SEAKR Engineering, Inc., a supplier of advanced space electronics. Closure of the acquisition is subject to the completion
of customary conditions and regulatory approvals. SEAKR Engineering will be a wholly-owned subsidiary of Raytheon Technologies
and will report into Raytheon Intelligence & Space upon closing. Based in Centennial, Colorado, with more than 540 employees,
SEAKR Engineering was founded in 1981 and, over the last 40 years, has delivered more than 300 flight units with a 100 percent
on-orbit success rate.


Collins Aerospace, a Raytheon Technologies business, has signed a definitive
agreement to acquire privately held FlightAware, a digital aviation company providing global flight tracking solutions,
predictive technology, analytics and decision-making tools. Following closing, FlightAware will join Collins’ Information
Management Services portfolio within the company’s Avionics strategic business unit. Financial terms of the agreement
were not disclosed.


Products and Services

Raytheon Blackbird Technologies, a subsidiary of Raytheon Technologies,
announced the release of NexGenTrac (NGT) Watch and NexGen Global SIM, a wearable device and global data service
that provides situational awareness and secure communications. "For government, military, and other
organizations that need to meet safety protocols for their globally deployed workforce, NexGenTrac Watch provides
global situational awareness, secure communications and personnel accountability in the convenience of wearable
device," said Troy Smith, director of Raytheon Blackbird Technologies. NGT Watch uses the proprietary global
data services of Blackbird’s NexGen Global SIM technology to provide secure mission-critical communications,
emergency signaling, and safety and accountability status. As a result of its design, NGT Watch can be deployed
as a standalone capability anywhere in the world where connectivity is paramount, and network service is managed by
cybersecurity and defense industry experts to protect user data.


A hypersonic cruise missile co-developed by Raytheon Technologies and Northrop
Grumman has passed its second flight test in a row – an important milestone in the US Department of Defense’s plan
to field weapons that travel faster than five times the speed of sound. The test, conducted in July 2022, featured
a Hypersonic Air-breathing Weapon Concept, with minor improvements informed by its earlier successful test in
September 2021. Its performance in the most recent test – it dropped from an aircraft and accelerated beyond Mach 5 –
met the predictions of the company’s data models.


Raytheon Intelligence & Space, a Raytheon Technologies business, recently
delivered the Initial Operating Capability for the Global Aircrew Strategic Network Terminal system, or Global
ASNT, to the US Air Force. Global ASNT ensures robust communications to nuclear bomber, missile, and support
aircraft crews in austere environments. The Global ASNT capability will be critical to enable joint connectivity
in the highly contested battlespace, supporting the US Department of Defense’s vision for Nuclear Command, Control,
and Communications, or NC3, and Joint All Domain Command and Control, also known as JADC2.


In the development of electric aircraft, Collins Aerospace has produced the first working prototype of its
500 kilowatt electric motor suitable for the Airlander 10 aircraft under a partnership with Hybrid Air Vehicles
and the University of Nottingham. For the 2,000 RPM permanent magnet electric motor, Collins is targeting specific
power density levels of 9 kilowatts per kilogram and 98 percent efficiency through the use of a novel motor topology
and composite construction. The motor is being designed at the Collins Electronic Controls and Motor Systems Center
of Excellence in Solihull, UK, where it is also developing its one megawatt electric motor and motor controller for
the Pratt & Whitney Canada (P&WC) regional hybrid-electric flight demonstrator. The two motors are part of Collins’
technology roadmap for the development of a family of electric motors that can be scaled up or down to meet the needs
of various hybrid-electric and all-electric applications across multiple aircraft segments. Airlander 10 is scheduled
to begin hybrid-electric operation in 2026, followed by all-electric, zero-emission operation in 2030. To achieve this,
the aircraft’s four fuel-burning engines will be replaced by Collins’ 500 kilowatt electric motors — beginning with
the two forward engines in 2026 and the two rear engines in 2030.


Raytheon Technologies has been selected by the US Department of Energy for two
research and development projects to test the use of hydrogen and ammonia as effective, zero-carbon options for
electricity generation. Under the first project, Raytheon will validate the capacity to operate Mitsubishi Power
Aero’s FT4000 gas turbine unit using hydrogen and hydrogen blends as fuel sources. The FT4000 is a land-based variant
of Pratt & Whitney’s PW4000 turbofan aircraft engine. The hydrogen fuel test will complement work occurring in another
development project called the Hydrogen Steam Injected, Inter-Cooled Turbine Engine (HySIITE) project. HySIITE, also
supported by the Energy Department, is a Pratt & Whitney-led effort to develop hydrogen-fueled propulsion technology
applicable to single-aisle commercial aircraft. Raytheon Technologies will work with the University of Connecticut
School of Engineering on the second Energy Department project to focus on the use of ammonia – which is composed of
mostly hydrogen – as a zero-carbon fuel for power-generating turbines. Using ammonia presents several advantages including
a pre-existing production and transportation infrastructure that requires much less refrigeration in comparison to hydrogen,
and the ability to easily store it as a liquid.


Small satellite manufacturer and mission services provider Blue Canyon Technologies, a wholly-owned subsidiary of
Raytheon Technologies, announced the launch of Slingshot 1, MISR-B, and a government
customer satellite, aboard Virgin Orbit on July 1, 2022. Slingshot 1 is the first-ever Blue Canyon 12U CubeSat bus
carrying 19 payloads to low Earth orbit. Built for Aerospace Corporation, the mission will demonstrate the accessibility
of integrating numerous payloads into a single interface.


The Missile Defense Agency has selected Raytheon Missiles & Defense to continue to develop a first-of-its-kind
counter-hypersonic missile, the Glide Phase Interceptor. GPI is designed to intercept hypersonic weapons in the
glide phase of flight, providing the US and allies with an additional layer of defense against regional hypersonic
missile threats. This firm fixed price Other Transaction Agreement modification, valued at $41 million, increases
the total value to $62 million and allows Raytheon Missiles & Defense to continue maturing its GPI design using
advanced materials and technology required to intercept a hypersonic threat. This phase will also finalize systems
requirements and support accelerated development timelines.


Raytheon Missiles & Defense has been awarded an $867 million Missile Defense Agency contract to deliver SM-3Block IIAs
to the United States and partners. The SM-3 interceptor is a defensive weapon the US Navy uses to destroy short- to
intermediate-range ballistic missiles. The interceptor uses sheer force, rather than an explosive warhead, to destroy
targets in space. Its "kill vehicle" hits threats with the force of a 10-ton truck traveling 600 mph. This
technique, referred to as "hit-to-kill," has been likened to intercepting a bullet with another bullet.
The interceptor is being carried by US Navy ships deployed off Europe’s coast and is now operational at a land-based
site in Romania.


Collins Aerospace, a Raytheon Technologies business – along with teammates
ILC Dover and Oceaneering – have been selected to produce NASA’s next-generation spacesuit, which astronauts could
wear when working outside the International Space Station and – within the next decade – on the moon. The new suits
were designed by astronauts for astronauts and offer enhanced mobility and weigh less than the current generation
spacesuits, allowing for increased mission times. The suits are also designed to accommodate nearly every astronaut
body type and can rapidly incorporate new technologies.


Raytheon Missiles & Defense has been awarded a $423 million contract to continue to produce SPY-6 radars for the US Navy.
This is the first option exercised from the March 2022 hardware, production, and sustainment contract that is valued up to
$3.16 billion over five years. The SPY-6 family of radars can defend against ballistic missiles, cruise missiles, hostile
aircraft, and surface ships simultaneously. They provide several advantages over legacy radars, including significantly
greater detection range, increased sensitivity, and more accurate discrimination. Their scalable and modular radar arrays
reduce cost and sustainment needs, while meeting the mission requirements of seven classes of ships.


A Raytheon BBN-led team will develop an artificial intelligence tool, Medical Assistance, Guidance, Instruction and Correction,
or MAGIC, to assist combat field medics in more than four dozen medical skills applied during common procedures. The medical
assistant is being developed under a DARPA award. The tool will provide real-time, hands-free guidance for 50-different procedures to
increase proficiency and help reduce treatment errors in challenging environments. It will also enable medics to focus their efforts
using AI and Augmented Reality. The first demonstration of the new tool is planned in 18 months. Raytheon says that training data
collected for the program will be shared with the research community.


The US Navy awarded Raytheon Missiles & Defense, a Raytheon Technologies an activation, sustainment, and modernization contract for
$483 million with options, if exercised, totaling $1.68 billion across five years. Under this contract, Raytheon will provide the Navy
services and professionals to complete the activation and fleet introduction of the three Zumwalt-class destroyers, while continuing to
develop technology and warfare capabilities. Additional services will include design, integration, test and evaluation, system upgrade
and replacement, logistics product development, configuration management, and training systems.

Raytheon Missiles & Defense has been selected by the Missile Defense Agency (MDA) as one of the companies to develop
and test the first interceptor specifically designed to defeat hypersonic threats. The weapon, called Glide Phase Interceptor
(GPI), will defeat a new generation of hypersonic missiles – weapons that travel more than five times the speed of sound and
maneuver rapidly in flight. GPI will intercept hypersonic weapons in the glide phase of flight, which occurs once a missile
has re-entered Earth’s atmosphere and is maneuvering toward its target. The initial development phase will focus on reducing
technical risk, rapidly developing technology, and demonstrating the ability to intercept a hypersonic threat. Developed on
behalf of the MDA, GPI will be integrated into the US Navy’s Aegis Weapon System, a ship- and shore-based defense system.


Alliances and Joint Ventures

Raytheon Intelligence & Space, a Raytheon Technologies business, has entered
into a partnership with CrowdStrike, a leader in cloud-delivered protection of endpoints, cloud workloads, identity,
and data, to integrate its complementary endpoint security products into RI&S’ Managed Detection and Response (MDR)
service. Raytheon Intelligence & Space is a leading cybersecurity provider and MSSP Alert Top 50 Managed Security
Service Provider (MSSP). Its cloud-based MDR service establishes and improves early and effective threat detection
and response through 24/7 continuous monitoring that utilizes RI&S’ world-class artificial intelligence and machine
learning-powered analytics platform. With this partnership, RI&S’ MSSP services, in combination with the CrowdStrike
Falcon platform, will be available to all of RI&S’ federal, state, commercial and non-profit managed services customers.


Boom Supersonic, the company building the world’s fastest airliner, announced an agreement with Collins Aerospace on
its Overture program. Carrying 65–80 passengers at twice the speed of today’s airliners and running on 100 percent sustainable
aviation fuel (SAF), Overture will fly Mach 1.7 over water with a range of 4,250 nautical miles. Under the new agreement between
the two companies, Collins will assist Boom in the evaluation and development of major aircraft systems and components for
Overture. Engineers at Collins and Boom will perform aerodynamic analysis to evaluate Overture’s Ice Protection System, the
system that prevents the formation of ice on the aircraft during flight. Boom will also work with Collins to assess Air Data
System architectures that meet Overture’s field performance and range requirements.


Personnel and Organizational

Small satellite manufacturer and mission services provider Blue Canyon Technologies, a wholly-owned subsidiary of
Raytheon Technologies, opened its new CubeSat factory in Boulder, Colorado. The
expanded 31,000-square-foot facility consolidates manufacturing efforts with dedicated CubeSat employees to build
large spacecraft constellations and increase production from 50 to 85 CubeSats a year. Currently, the company has
38 CubeSats in various stages of design, assembly, and test. Recently three Blue Canyon CubeSat buses were launched
aboard Virgin Orbit, and the company will soon provide its largest constellation delivery with 18 integrated CubeSats
for a commercial launch and several NASA launches by the end of 2022.


Raytheon Technologies will establish its global headquarters in Arlington, Virginia,
supplanting the long-time home of the former Raytheon Company in Waltham, Massachusetts. The new location increases the
company’s ability to support US government and commercial aerospace customers and serves to reinforce partnerships that
will lead to innovative technologies to advance the industry. Nearby Washington, DC, will serve as a convenient travel hub
for the company’s global customers and employees. The company will maintain its strong US presence which includes 600 facilities
across 44 states and territories. Each of the company’s four business units currently have operations in Virginia. The new global
headquarters office will be in Arlington’s Rosslyn neighborhood alongside the Raytheon Intelligence & Space business. Raytheon
says it has not accepted or sought any financial incentives from any state or municipality to support the establishment of the
global headquarters office in Virginia.


Pratt & Whitney has named Rick Deurloo as president of its Commercial Engines business. In this position, Deurloo will retain
his current responsibilities as senior vice president and Chief Commercial Officer (CCO) for Pratt & Whitney while assuming overall
leadership of the Commercial Engines business from Carroll Lane. Lane has elected to leave the company for another leadership
opportunity. Deurloo will assume this expanded role effective immediately and will continue to report to Pratt & Whitney President Shane Eddy.


Raytheon Intelligence & Space, a Raytheon Technologies business, announced that retired US Air Force
Lt. Gen. Sami D. Said is joining the business as vice president of Global Security. Said will serve on the RI&S senior leadership team and
report directly to Roy Azevedo, president, RI&S. In this newly established senior executive position, Said is responsible for leading RI&S’
global security function and the development and execution of a Secure Technology Product Strategy that will drive security as a competitive
discriminator for the Raytheon Intelligence & Space business. Most recently, Said served as the Inspector General of the Department of the
Air Force, and prior, as the Deputy Inspector General of the Air Force, in the Office of the Secretary of the Air Force.


Barbara Borgonovi has been named Raytheon Technologies senior vice president of Corporate Strategy &
Development. Borgonovi will report to Chairman and Chief Executive Officer Gregory Hayes, serving as a member of the executive leadership
team and will be responsible for developing corporate strategies that enhance profitability and performance, and for assessing merger and
acquisition opportunities to drive overall company growth.


Raytheon Technologies announced the appointment of Christopher T. Calio as Chief Operating Officer
and named Shane G. Eddy to succeed Calio as President of its Pratt & Whitney business unit. As Chief Operating Officer, Calio will oversee
the company’s four business units as well as its technology and engineering; enterprise services and digital; and operations, quality,
environmental, health and safety, and supply chain functions. Calio will continue to report directly to Chairman and CEO Greg Hayes. Eddy,
who joined Pratt & Whitney in 2016 after prior experience at GE Aviation, Sikorsky Aircraft Corporation, and Bell Textronc, is being
promoted from senior vice president and chief operations officer at Pratt & Whitney.


Raytheon Intelligence & Space announced that Kristin Robertson is joining the RI&S team as president of the Space & C2 strategic
business unit. Robertson will serve on the RI&S senior leadership team and report directly to Roy Azevedo, president, RI&S. Most
recently, Robertson served as vice president and general manager of autonomous systems at Boeing, leading autonomous technologies,
intelligence capabilities, and networking solutions from seabed to space. During Robertson’s tenure, she led and grew several
multi-billion-dollar product lines. Additionally, RI&S announced that Brad Tousley will serve as president of Blue Canyon Technologies,
reporting to Robertson as part of the Space & C2 strategic business unit. Tousley previously served as lead for RI&S’ Advanced Concepts
& Technology, and as president of Raytheon BBN Technologies.


Raytheon Technologies has appointed Raja Maharajh as general counsel, reporting to Chairman and
Chief Executive Officer Greg Hayes. Maharajh will serve as a member of the senior leadership team, overseeing a variety of legal and
regulatory affairs, including corporate governance and transactions, ethics and compliance, litigation, contracts, and intellectual
property. Maharajh replaces Frank Jimenez, who has decided to pursue new opportunities outside of Raytheon Technologies.



Raytheon Technologies reported second quarter sales of $16.3 billion, up three percent
over the prior year. Earnings per share was up 28 percent versus the prior year and included $0.28 of acquisition accounting
adjustments and net significant and/or non-recurring charges. The company recorded net income from continuing operations in
the second quarter of $1.3 billion, up 25 percent versus prior year and included $418 million of acquisition accounting
adjustments and net significant and/or non-recurring charges. Adjusted net income was $1.7 billion, up 10 percent versus prior
year. Operating cash flow from continuing operations in the second quarter was $1.3 billion. Capital expenditures were $479
million, resulting in free cash flow of $807 million.


Raytheon Technologies‘ first quarter sales of $15.7 billion was a steady three percent above
the year ago quarter. Net income from continuing operations in the first quarter was $1.1 billion, up 43 percent versus the prior
year and included $620 million of acquisition accounting adjustments and net significant and/or nonrecurring charges. "The
strong commercial aerospace recovery and our focus on operational execution enabled us to deliver both top-line growth and margin
expansion year-over-year," said Chairman and CEO Greg Hayes. "As a result, adjusted EPS and free cash flow exceeded our
expectations in the first quarter."


Raytheon Technologies reported fourth quarter and full year 2021 results while announcing its
2022 outlook. Fourth quarter sales of $17.0 billion was four percent above the year-ago quarter, while fiscal 2021 sales posted a
14 percent improvement over 2020, reaching $64.4 billion against $56.6 billion in FY20. "Raytheon Technologies is entering 2022
with continued momentum and resilience," said Chairman and CEO Greg Hayes. "The long-term outlook for our commercial
aerospace and defense markets remains strong. Our focused A&D portfolio and intense focus on program execution position us well to
deliver sales, earnings and free cash flow growth, as well as margin expansion across all businesses in 2022."


Fiscal year 2021 third quarter sales for Raytheon Technologies showed sales of $16.2 billion.
This is a ten percent improvement over the $14.7 billion reported in the comparable FY2020 quarter. The company recorded net income
from continuing operations in the quarter of $1.4 billion, which included $496 million of acquisition accounting adjustments and net
significant and/or nonrecurring charges. Adjusted net income was $1.9 billion.


Raytheon Technologies delivered strong second quarter results driven by growth in its defense
businesses and the commercial aerospace recovery. The company reported second quarter sales of $15.9 billion, a 13 percent increase.
Net income was more than $1 billion, compared to a $3.8 billion loss in the comparable year ago quarter. Based on its performance,
Raytheon has reforecast its fiscal 2021 projections, expecting sales of $64.4 – $65.4 billion, up from $63.9 – $65.4 billion it



1Cameron, Doug. "Investors Approve UTC-Raytheon Merger." The Wall Street Journal. October 11, 2019.


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