Raytheon Technologies rebrands as RTX
Raytheon Technologies Corp. (NYSE: RTX) is shortening its name.
On the heels of its January announcement that it will restructure its four business units into three, the Arlington aerospace and defense giant announced it has rebranded as RTX. It unveiled the three-letter name at its investor day held Monday at the Paris Air Show, and it has already started using the RTX brand in news releases and communications with investors.
“This is more than a new brand,” the company said in a LinkedIn post. “It is a signal in the next step in our company’s transformation.”
The name is certainly a familiar one — RTX has been the company’s ticker symbol since April 2020, following the completion of the $100 billion merger between the Raytheon Company and United Technologies Corp. Though United was effectively the acquirer in that merger of two century-old firms, the combined company took on the Raytheon name.
The name change comes roughly a year after Raytheon relocated its headquarters from Waltham, Massachusetts, and about five months after the company said it was combining its four business units — Collins Aerospace, Pratt & Whitney, Raytheon Intelligence & Space and Raytheon Missiles & Defense — into three.
The three segments will be Collins Aerospace, based in Charlotte, North Carolina, Pratt & Whitney, based in East Hartford, Connecticut, and Raytheon, based in Arlington. The portfolio restructuring, which RTX has said will better align with customer needs, will take effect July 1.
Details on how the restructuring affects the Tucson-based Missiles & Defense division’s operation and executive team were not immediately available.
The company generated $67 billion in sales last year and at its investor conference reaffirmed its previous revenue guidance of $72 billion to $73 billion this year and annual sales growth of between 6% and 7% through 2025. It also said it is on track to return between $33 billion and $35 billion to shareholders by the end of 2025 through a combination of dividend distributions and share repurchases.
RTX also announced no fewer than a dozen new contracts and business partnerships at this week’s Paris Air Show. They included the Raytheon unit’s $264 million contract with the U.S. Navy to produce new AIM-9X missiles, Collins Aerospace’s new contract with the Air Force Research Laboratory to develop an electric generator for manned and unmanned military platforms, and a partnership with Japan Airlines in which Collins’ technology will be used to monitor and improve the airline’s maintenance performance.