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Raytheon to pay $950M+ to resolve fraud, bribery charges
The U.S. Department of Justice announced Wednesday that Arlington County’s Raytheon, a subsidiary of aerospace and defense contractor RTX, has agreed to pay more than $950 million to resolve multiple allegations that include fraud and bribing a Qatari official. Under Wednesday’s settlement, Raytheon must pay the following penalties: For two counts of major fraud in […]
7 Va. companies make 2024 Fortune Global 500
Seven Virginia-based companies made Fortune magazine’s 35th Global 500 list, released Monday. Companies were ranked by total revenues for fiscal years ending on or before March 31. McLean’s Freddie Mac remained the commonwealth’s top-ranked company at No. 88 — up 45 spots from 2023. The government-sponsored home mortgage company reported net income of $10.5 billion […]
Virginia’s Fortune 500 companies
This year, 24 Virginia companies made Fortune magazine’s 70th annual Fortune 500 list, which ranks the nation’s largest corporations by total revenue. Several companies’ fortunes rose, with top-ranked Virginia company Freddie Mac moving up nine spots to No. 36 on the overall Fortune 500, posting $108.05 billion in revenue last year. Meanwhile, Virginia’s second-ranked compa[...]
Raytheon gets $325M boost to StormBreaker contract
The U.S. Department of Defense has increased the ceiling of an existing U.S. Air Force contract held by Arlington County’s Raytheon, a subsidiary of Fortune 500 defense contractor RTX, by $325 million, the Department of Defense announced Friday. The contract, under which Raytheon is producing StormBreaker Increment II small-diameter glide bombs for fighter jets, has been […]
These 39 Va. companies made the 2024 Fortune 1000
Thirty-nine companies headquartered in Virginia are on Fortune magazine’s 70th annual Fortune 1000 list, with 24 Virginia companies again making the elite Fortune 500. Several of the Virginia companies saw their fortunes rise this year on the list, with top-ranked Virginia company Freddie Mac moving up nine spots to No. 36 on the overall Fortune […]
RTX subsidiary lands $118M Army contract
The U.S. Army has finalized a contract potentially worth $118 million with Arlington County-based Raytheon, a subsidiary of RTX, to produce common sensor payloads, which will serve as “eyes” for an uncrewed aircraft system, the government announced Tuesday. The common sensor payloads, which will be used on California-based General Atomics Aeronautical Systems’ MQ-1C Gray Eagle[...]
Artists pull out of SXSW over Army, RTX involvement
Dozens of bands and solo musicians boycotted Austin, Texas’ South by Southwest (SXSW) festival this week in protest against the Department of Defense‘s support of Israel’s war in Gaza. Among SXSW’s sponsors this year are the U.S. Army and Arlington County-based aerospace and defense contractor RTX, which makes weapons and other equipment used by Israel’s […]
RTX subsidiary lands $154M Army contract
Raytheon, a subsidiary of Arlington County-based RTX, received a $154 million contract to deliver independent viewer systems to the U.S. Army, the Fortune 500 aerospace and defense contractor announced Wednesday. Under the contract, Raytheon, which, like its parent company, is also based in Arlington, will deliver Commander’s Independent Viewer (CIV) systems for the Army‘s Bradley [&he[...]
RTX subsidiary wins $345M Air Force contract
Raytheon, a subsidiary of Arlington County-based aerospace and defense contractor RTX, won a $344.6 million U.S. Air Force contract modification, the Department of Defense announced Friday. Raytheon will produce more than 1,500 StormBreaker smart weapons, which are air-to-surface, network-enabled weapons that can engage moving targets in all weather conditions, according to a RTX news release. [&h[...]
RTX’s Pratt & Whitney division receives $701M aircraft contract
Arlington-based defense giant RTX‘s Pratt & Whitney aerospace division in Connecticut will provide sustainment and other support services for propulsion systems on the F-35 fighter jet under a $701 million modification to a Navy contract. Pratt & Whitney will provide program management, propulsion integration, engineering, management services, software sustainment, security managemen[...]
December 2023 Top Five
The top five most-read daily news stories on VirginiaBusiness.com from Oct. 14 to Nov. 15 included news of the Spotsylvania County Kalahari Resort’s groundbreaking. It’s slated to open in 2026. 1 | Democrats sweep Virginia General Assembly Democrats regained control of the Virginia Senate and the House of Delegates in the Nov. 7 […]
RTX to sell cyber, intelligence biz for $1.3B amid Q3 slump
RTX has agreed to sell its cybersecurity, intelligence and services business segment for about $1.3 billion and announced a $10 billion stock buyback program Tuesday as it seeks to recover from a manufacturing quality issue in a jetliner engine that has plagued the Arlington County-based Fortune 500 defense and aerospace contractor since the summer. RTX, […]
