Veera Korhonen
Research expert covering United States data for society
RTX Corporation - statistics & facts
RTX Corporation, formerly known as Raytheon Technologies Corporation, provides a range of high-technology products and services to the global aerospace and defense industries. RTX was formed after the merger of United Technologies Corporation (UTC) and Raytheon Company in April 2020, and is headquartered in Arlington, Virginia, in the United States. The company conducts business with commercial, military, and government customers worldwide, including in the Americas, Europe, Asia-Pacific, Africa, and the Middle East.
Nevertheless, this was not the case for Carrier and Otis. Carrier was acquired by UTC in 1979, yet while the merger with Raytheon was happening, the Carrier Global was disintegrated from the UTC Corporation as an independent company in 2020. Otis Elevator Company was also a UTC subsidiary and the largest manufacturer of vertical transportation systems, including elevators, escalators and many other advanced smart technology. In 2023, Otis generated around 14.21 billion U.S. dollars in net sales. During the merger process in 2020, the complete spinoff of Carrier Global Corp and Otis Worldwide Corp took place due to anti-trust measures to inhibit high market power concentration at hands of Raytheon Technologies. Thus, a new merger led to the formation of two independent companies. Today, RTX Corporation is one of the largest aerospace and defense manufacturers in the world.
Business performance of RTX Corp
In 2023, the company generated net sales of over 74 billion U.S. dollars and reported a net income of more than 7.4 billion U.S. dollars. Over recent years, their research and development expenditure increased steadily, only to drop to 2.6 billion U.S. dollars in 2020 after the merger took place. In 2023, RTX employed approximately 185,000 people globally to perform its diversified business performance.The merger of UTC with Raytheon
The multinational company with headquarters in Connecticut, namely UTC, finalized the deal with Raytheon, one of the largest aerospace and defense companies worldwide. U.S. antitrust officials approved the merger in June 2019, which lasted almost a year to fully complete the merger process and spinoff of two subsidiaries of UTC, namely Collins and Otis. Prior to the merger, UTC was composed of four subsidiary companies: Collins Aerospace Systems, Pratt & Whitney, Carrier Global, and Otis Worldwide, with each of these subsidiaries performing in a different field or industry. As one of the leaders in their field of operation, Collins Aerospace Systems provide aerospace engineering technologies and Pratt & Whitney manufacture aerospace products. During the merger of UTC and Raytheon, Collins Aerospace Systems and Pratt & Whitney were merged into Raytheon, forming Raytheon Technologies, until the corporation ultimately changed its name to RTX in July 2023.Nevertheless, this was not the case for Carrier and Otis. Carrier was acquired by UTC in 1979, yet while the merger with Raytheon was happening, the Carrier Global was disintegrated from the UTC Corporation as an independent company in 2020. Otis Elevator Company was also a UTC subsidiary and the largest manufacturer of vertical transportation systems, including elevators, escalators and many other advanced smart technology. In 2023, Otis generated around 14.21 billion U.S. dollars in net sales. During the merger process in 2020, the complete spinoff of Carrier Global Corp and Otis Worldwide Corp took place due to anti-trust measures to inhibit high market power concentration at hands of Raytheon Technologies. Thus, a new merger led to the formation of two independent companies. Today, RTX Corporation is one of the largest aerospace and defense manufacturers in the world.
