You see, the Aerospace and defense sector in the United States is bigger than you realize, it is a multi-billion dollar sector. There are many companies working to capture the biggest chunk of the market share pie, and one such company is, of course, RTX Corporation. By looking at the establishment day of RTX Corporation, which was in the year 2020, you can assume that it is a fairly new company. But that’s simply not true, you see, the history of this company dates back to 1922, back when it was known as Raytheon Company. If you wanna know more of such details about this company like, who’s currently in charge of the company, what’s their net worth, how it all started for them, and things like that then keep on reading. Here we go.
|RTX Corporation Origin Country
|Arlington, Virginia, U.S.
|RTX Corporation CEO
|Gregory J. Hayes
|RTX Corporation Founders
|Result of merger between United Technologies Corporation and Raytheon Company
|RTX Corporation Net Worth
|$117.16 billion (As of December 2023)
|Aerospace, Defense, Information Security, Electronics
The RTX Corporation Story
RTX Corporation, once called Raytheon Technologies Corporation till July 2023, is a big name in the American multinational scene, especially in aerospace and defense. RTX Corporation makes a wide range of stuff, from aircraft engines, avionics, and aerostructures to cybersecurity, air defense systems, satellites, drones, and missiles. It’s especially important to the U.S. government as a military contractor. The company started way back in 1922 in Cambridge, Massachusetts. Laurence K. Marshall, Vannevar Bush, and Charles G. Smith first called it the American Appliance Company, focusing on refrigeration tech. But soon, they switched to electronics. Their first big hit was a helium rectifier. In 1925, they changed the name to Raytheon Manufacturing Company. They got known for their rectifier, under the Raytheon brand. The 1930s brought more growth. They bought Acme-Delta Company, making transformers, power gear, and electronic car parts. World War II was a big time for them. They made lots of magnetron tubes for radar sets. By the end of the war, they made about 80% of all magnetrons. After the war, Raytheon kept coming up with new stuff. They made the first missile guidance system that could hit a moving target and built famous guided missiles. The Persian Gulf War in 1991 made their Patriot missile famous worldwide, and sales went up a lot.
RTX Corporation Financials
Big news hit the aerospace and defense world when United Technologies Corporation (UTC) and Raytheon Company decided to join forces in June 2019. This move was a game changer, making them the world’s second-biggest player in their field in terms of sales. Fast forward to April 2020, and the deal was sealed aka done. The newborn RTX Corporation started its journey on the New York Stock Exchange, trading at $51 a share under the ticker RTX. Jump to late 2023, and RTX has soared to an impressive net worth of about $117.16 billion. Looking at December 2023, the stock price stands tall at $81.48, a striking climb from its $24.03 billion market cap way back in 1998.