Tag: RTX

A year after moving its headquarters to Arlington County, Fortune 500 aerospace and defense contractor Raytheon Technologies Corp. has rebranded as RTX.

The new name, launched to coincide with the Paris Air Show and the company’s 2023 investor meeting, comes as RTX consolidates its business units from four to three: aerospace and defense technology supplier Collins Aerospace, headquartered in Charlotte, North Carolina; aerospace manufacturer Pratt & Whitney, headquartered in East Hartford, Connecticut; and Raytheon. The company previously operated as four segments, which included Raytheon Intelligence & Space and Raytheon Missiles & Defense. Those segments are now consolidated under Raytheon, which is based in Arlington.

“This is more than a new brand,” RTX said on its website, announcing the shift. “It is a signal of the next step in our company’s transformation.”

The company had previously announced its realignment plan in January and said in a news release June 18 that its reorganization is on track to be complete July 1.

“While we honor our legacy, we are always looking to the future — and that future is RTX,” Chairman and Chief Executive Officer Gregory Hayes said in a statement. “Over the past few years, we have solidified our industry-leading positions with a $180 billion backlog across the highest growth commercial aerospace platforms and franchises serving the most critical defense priorities. RTX is leveraging its breadth, scale and operational discipline to serve our customers and deliver value to our shareowners, with a clear path to achieve our 2025 financial commitments. Furthermore, with the business realignment and the strategic investments we continue to make, RTX is uniquely positioned for sustained profitable growth well beyond 2025.”

The company reported more than $67 billion sales in 2022 and estimates between $72 and $73 billion in 2023. As part of its realignment, the company said, more than $200 million in sales will transition to Raytheon through the consolidation of its Raytheon Missiles & Defense and Raytheon Intelligence & Space capabilities. More than $2.7 billion in sales are being shifted to Collins Aerospace from Raytheon Intelligence & Space. That shift also includes 4,700 positions, C4ISRNET reported, as well as a greater volume of work related to the Pentagon’s Joint All-Domain Command and Control, a program to connect the military branches into a unified network.

As part of the reorganization, Raytheon previously announced that Chief Operating Officer Christopher Calio would expand his role to become president of RTX effective March 1. Roy Acevedo, who previously served as president of Raytheon Intelligence & Space and was the company’s top-ranked executive in Virginia, retired in March and has served as an adviser to Calio. Wesley D. Kremer, who served as president of Raytheon Missiles and Defense, will lead the newly combined Raytheon. He is based in Arizona, according to his LinkedIn account.

RTX employs more than 180,000 people globally.

Editor’s note: This story has been updated to clarify that Christopher Calio’s role is expanding to become president of Raytheon’s parent company, RTX.