Companies/United States • Curated by Admin Timeline.sg
RTX Corporation, formerly Raytheon, is an American defense and aerospace company founded in 1922. The timeline traces its evolution from a small appliance company to a global defense contractor through key technological innovations, mergers and acquisitions, and leadership changes.
Chronological Storyline (37 Milestones)
1922 CE
Founded as American Appliance Company
Laurence K. Marshall, Vannevar Bush, and Charles G. Smith establish the American Appliance Company in Cambridge, Massachusetts, initially focusing on refrigeration technology. #history #business
Founded as American Appliance Company By RTX Corporation - Own work using: https://prd-sc101-cdn.rtx.com/-/media/themes/raytheon-technologies/rtx-shared/rtx-theme/images/rtx_logo.svg?rev=57e660dbd2ee4ef6895a84799210c5bf&w=354&hash=31622B399A01E1F4EADA1A61EE2E0101, Public domain, https://commons.wikimedia.org/w/index.php?curid=157556603
1925 CE
Renamed Raytheon Manufacturing Company
The company changes its name to Raytheon Manufacturing Company, combining 'ray' and 'theon' (from Greek 'theos', meaning god) to reflect its expansion into electronics. #history #business
1940 CE
Developed cavity magnetron for radar
Raytheon engineers perfect the cavity magnetron, a key component for microwave radar, leading to mass production during World War II. #technology #innovation
Developed cavity magnetron for radar By Coolcaesar at English Wikipedia - Transferred from en.wikipedia to Commons by Kelly using CommonsHelper., CC BY-SA 3.0, https://commons.wikimedia.org/w/index.php?curid=15933080
Oct 8, 1945 CE
Percy Spencer invents microwave oven
Raytheon engineer Percy Spencer accidentally discovers microwave heating while working on radar, leading to the invention of the microwave oven. #invention #technology
Percy Spencer invents microwave oven By Mrbeastmodeallday - Own work, CC BY-SA 4.0, https://commons.wikimedia.org/w/index.php?curid=117071454
1948 CE
Acquisition of Belmont Radio Corporation
Raytheon acquires Belmont Radio Corporation, expanding into consumer electronics and radio manufacturing. #business #acquisition
1959 CE
Acquisition of Machlett Laboratories
Raytheon acquires Machlett Laboratories, a manufacturer of X-ray tubes and electron tubes, strengthening its position in medical and industrial electronics. #acquisition #technology
1965 CE
Renamed to Raytheon Company
The company drops 'Manufacturing' from its name, becoming Raytheon Company to reflect its diversified operations. #history #business
1968 CE
Acquisition of Amana Refrigeration
Raytheon acquires Amana Refrigeration, maker of Radarange microwave ovens, boosting its consumer appliance business. #acquisition #business
1970 CE
Acquisition of Beech Aircraft Corporation
Raytheon acquires Beech Aircraft Corporation, entering the general aviation market and later forming Raytheon Aircraft Company. #acquisition #aviation
1976 CE
Thomas L. Phillips becomes CEO
Thomas L. Phillips is appointed CEO, overseeing expansion into defense electronics and missile systems. #leadership #business
1980 CE
Patriot missile system contract
Raytheon wins the U.S. Army contract to develop the MIM-104 Patriot surface-to-air missile system, which becomes a cornerstone of air defense. #defense #technology
Patriot missile system contract By DoD Photo By Glenn Fawcett - http://www.eucom.mil/photo/24623/u-s-service-members-stand-by-a-patriot-missile-battery-in-gaziantep-turkey, Public domain, https://commons.wikimedia.org/w/index.php?curid=31750265
1983 CE
Patriot system initial deployment
The Patriot missile system achieves initial operational capability with the U.S. Army, marking a major milestone in missile defense. #defense #military
1990 CE
Acquisition of Cossor Electronics
Raytheon acquires Cossor Electronics, a UK-based defense electronics firm, expanding its international footprint. #acquisition #global
1991 CE
Patriot missile combat debut in Gulf War
The Patriot missile system is used for the first time in combat during Operation Desert Storm, intercepting Iraqi Scud missiles. #defense #history
1995 CE
Acquisition of E-Systems
Raytheon acquires E-Systems, a defense electronics and intelligence contractor, for $2.3 billion. #acquisition #defense
Acquisition of E-Systems By Jpalens - Own work, CC BY-SA 4.0, https://commons.wikimedia.org/w/index.php?curid=53217811
1997 CE
Acquisition of Texas Instruments Defense Systems
Raytheon acquires Texas Instruments' defense electronics division for $2.95 billion, adding advanced missile and radar technologies. #acquisition #defense
Acquisition of Texas Instruments Defense Systems By Texas Instruments, CC BY 3.0, https://commons.wikimedia.org/w/index.php?curid=25394569
1997 CE
Acquisition of Hughes Aircraft Company
Raytheon acquires Hughes Aircraft Company from General Motors for $9.5 billion, becoming a top defense contractor. #acquisition #defense
Acquisition of Hughes Aircraft Company By Hughes Aircraft Company - Company Literature, Public domain, https://commons.wikimedia.org/w/index.php?curid=22252395
2000 CE
Acquisition of Boeing's Commercial Electronics division
The 9/11 attacks lead to increased U.S. defense spending, benefiting Raytheon's missile and homeland security systems. #defense #history
2002 CE
Introduction of Excalibur precision projectile
Raytheon and BAE Systems develop the XM982 Excalibur, a GPS-guided artillery shell with high accuracy. #defense #innovation
Introduction of Excalibur precision projectile By United States Army - http://news.cnet.com/2300-1008_3-6243124-4.html [1] (credits U.S. Army), Public domain, https://commons.wikimedia.org/w/index.php?curid=107362340
2003 CE
William H. Swanson becomes CEO
William H. Swanson is appointed CEO, known for his 'Swanson's Unwritten Rules of Management' and focus on lean manufacturing. #leadership #business
William H. Swanson becomes CEO By Department of Labor. Office of Public Affairs. Division of Audiovisual Communications. ca. 1992- (Most Recent) - https://catalog.archives.gov/id/162905451, Public domain, https://commons.wikimedia.org/w/index.php?curid=102594281
2007 CE
Acquisition of Sarcos robotics
Raytheon acquires Sarcos, a robotics company known for exoskeletons and teleoperated robots, advancing its robotics division. #acquisition #robotics
2008 CE
Acquisition of BBN Technologies
Raytheon acquires BBN Technologies, a research and development firm known for ARPANET and advanced networking. #acquisition #technology
Acquisition of BBN Technologies By RTX BBN Technologies - https://www.rtx.com/who-we-are/we-are-rtx/transformative-technologies/bbn, Public domain, https://commons.wikimedia.org/w/index.php?curid=178018811
2009 CE
Acquisition of Applied Signal Technology
Raytheon acquires Applied Signal Technology, a provider of signal intelligence systems, for $490 million. #acquisition #defense
2011 CE
Raytheon ranked 106th on Fortune 500
Raytheon appears on Fortune 500 list with $25 billion in revenue, reflecting its status as a top defense contractor. #business #finance
2012 CE
Thomas A. Kennedy becomes CEO
Thomas A. Kennedy succeeds William Swanson as CEO, leading through a period of consolidation and growth. #leadership #business
Thomas A. Kennedy becomes CEO By (Official White House Photo by Shealah Craighead) - https://10millionpatents.uspto.gov/patent-10-million.html, Public domain, https://commons.wikimedia.org/w/index.php?curid=139110293
2013 CE
Acquisition of Blackbird Technologies
Raytheon acquires Blackbird Technologies, a cybersecurity and intelligence company, for $420 million. #acquisition #cybersecurity
Acquisition of Blackbird Technologies By Brandlogos.net - https://www.etsy.com/ Homepage, Public domain, https://commons.wikimedia.org/w/index.php?curid=77677947
2015 CE
Acquisition of Websense and creation of Forcepoint
Raytheon acquires Websense for $1.9 billion and merges it with its cybersecurity business to form Forcepoint, a joint venture. #acquisition #cybersecurity
2016 CE
Acquisition of Stonewall Technologies
Raytheon acquires Stonewall Technologies, a provider of environmental sensing and security systems. #acquisition #technology
2017 CE
Awarded contract for Standard Missile-3 Block IIA
Raytheon receives a $1.5 billion contract from the U.S. Navy for the Standard Missile-3 Block IIA, an advanced interceptor missile. #defense #contract
Awarded contract for Standard Missile-3 Block IIA By Lt. Chris Bishop Deputy Director, U.S. Navy photo (RELEASED) - http://www.navy.mil/view_image.asp?id=45496, Public domain, https://commons.wikimedia.org/w/index.php?curid=2009317
Jun 10, 2018 CE
Merger announcement with United Technologies Corporation
Raytheon and United Technologies Corporation announce a merger of equals to form Raytheon Technologies, creating a $100 billion aerospace and defense giant. #merger #business
Apr 3, 2020 CE
Merger completed, forming Raytheon Technologies
The merger between Raytheon and United Technologies closes, creating Raytheon Technologies Corporation with combined operations in aerospace and defense. #merger #business
2020 CE
COVID-19 pandemic impact
The COVID-19 pandemic disrupts global supply chains and causes temporary production slowdowns, but Raytheon Technologies maintains core defense operations. #pandemic #business
Sep 1, 2021 CE
Gregory J. Hayes named CEO of Raytheon Technologies
Gregory J. Hayes, former CEO of United Technologies, becomes CEO of the merged entity, overseeing integration and strategic direction. #leadership #business
2022 CE
Raytheon Technologies wins $5 billion Next Generation Interceptor contract
Raytheon Technologies is awarded a contract to develop the Next Generation Interceptor (NGI) for homeland missile defense. #defense #contract
Jul 19, 2023 CE
Renamed to RTX Corporation
Raytheon Technologies officially changes its name to RTX Corporation, reflecting a unified brand identity following the merger. #rebranding #business
2024 CE
RTX ranked 51st on Fortune 500
RTX Corporation ranks 51st on the Fortune 500 list with revenues exceeding $73 billion, solidifying its position as a leading aerospace and defense company. #business #finance
