History
Raytheon was established in 1922, reincorporated in 1928, and adopted the Raytheon Company name in 1959. More than 90% of Raytheon’s revenues were obtained from military contracts and by 2012, it was the fifth-largest military contractor in the world. In 2015, it had become the third-largest defense contractor in the United States, by defense revenue. It was the world’s largest producer of guided missiles, and was involved in corporate and special-mission aircraft until early 2007. As of 2018, the company had 67,000 employees and annual revenues of about US$ 25.35 billion
2020s
In February 2020, Raytheon completed the first radar antenna array for the US Army’s new missile defense radar, known as the Lower Tier Air and Missile Defense Sensor (LTAMDS), to replace the service’s Patriot air and missile defense system sensor.
In April 2020, the company merged with United Technologies Corporation to form Raytheon Technologies in a $135 billion deal The merged company is headquartered in Arlington, Virginia rather than UTC’s base in Farmington, Connecticut.
Raytheon was sanctioned by the Chinese government in October 2020, and February 2023 due to arm sales to Taiwan.
In July 2023, Raytheon Technologies renamed themselves to RTX Corporation and merged the Raytheon Intelligence & Space and Raytheon Missiles & Defense business segments to form a new Raytheon business segment.
In August 2024, RTX agreed to pay a $200 million fine for the unauthorized export of defense technology to China, Russia, Iran, and elsewhere, to settle more than 750 violations of the Arms Export Control Act and the International Traffic in Arms Regulations, or ITAR. The company was allowed to pay only half the fine to the government and to put half of the fine toward “remedial compliance measures to strengthen RTX’s compliance program.” In October 2024, RTX agreed to pay nearly $1 billion to settle allegations of defrauding the U.S. Defense Department and bribing a Qatari military official. Company officials said the misconduct mostly occurred before 2020 and pledged to improve its compliance programs
