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By this time it was clearly evident that Raytheon had made a marked shift in strategy, placing a greater emphasis on its defense businesses, alongside the commercial electronics applications that developed out of the defense operations. The company was forced to switch to the production of radio-receiving tubes, a field in which more than 100 companies were engaged in fierce competition. The Lowell Sun (MediaNews Group), United Aircraft and Transport Corporation, aircraft engine and airframe manufacturing, Raytheon Intelligence, Information and Services, "United Technologies Corporation 2019 Form 10-K Annual Report", "United Technologies and Raytheon Complete Merger of Equals Transaction", "CEO: United Tech. [37] At the close of the war, jet engines and helicopters were both big new things whose coming growth many companies hoped to get in on. In July 2000 Raytheon Engineers & Constructors was sold to Morrison Knudsen Corporation for more than $800 million. Collins Aerospace. Raytheon Company, with 2015 sales of $23 billion and 61,000 employees, is a technology and innovation leader specializing in defense, civil government and cybersecurity solutions. Richard E. Krafve (who once headed the Ford Motor Company's Edsel project) enjoyed only a short tenure as Geneen's successor; he disagreed frequently with Adams and was apparently unable to gain the respect of engineers. [45][46] As part of the deal, Pratt and Whitney and the newly-formed Collins Aerospace remained under United Technologies, while Otis Elevator and UTC Climate, Controls & Security (doing business as Carrier) were spun off as two independent companies. Operations now consisted of the defense units, Raytheon Commercial Electronics, Raytheon Aircraft Company, and Raytheon Engineers & Constructors. Raytheon has pioneered in the conversion of defense technologies into commercial products handled by Raytheon Commercial Electronics, such as marine electronic equipment, broadband wireless communications products, and infrared night vision systems for automobiles. [citation needed] By the 1930s, it had already grown to become one of the world's largest vacuum tube manufacturing companies. In 1945, Raytheon's Percy Spencer invented the microwave oven by discovering that the magnetron could rapidly heat food. This site uses two types of cookies: 1. [3][4], The company is the result of the merger of equals between the aerospace subsidiaries of United Technologies Corporation (UTC) and the Raytheon Company, which was completed on April 3, 2020. [citation needed] In 1933 it diversified by acquiring Acme-Delta Company, a producer of transformers, power equipment, and electronic auto parts. Raytheon soon sold its interest to Honeywell when Datamatic failed to compete effectively against IBM. In 1991, during the Persian Gulf War, Raytheon's Patriot missile received great international exposure, resulting in a substantial increase in sales for the company outside the United States. In 1948, Raytheon began to manufacture guided missiles, including the SAM-N-2 Lark, the air-to-air AIM-7 Sparrow, and the ground-to-air MIM-23 Hawk missiles. Raytheon acquired Beech in February 1980 for $800 million. In 1977 Phillips tried to acquire Falcon Seaboard, an energy resources company involved primarily in strip mining coal, but withdrew the offer when favorable terms could not be reached. By the end of the war, Raytheon magnetrons accounted for about 80 percent of the one million magnetrons produced during the war. These latest acquisitions propelled Raytheon into the top three among defense contractors and into the top position in defense electronics. Charles F. Adams, a former financial advisor who joined Raytheon in 1947, assumed Marshall's responsibilities. After mounting losses, the division was sold to Telex in 1984. Sub-Sig manufactured a variety of sonar equipment during the war and, like Belmont, was a major Raytheon customer. Export Administration Regulations. Raytheon Aircraft Company is the number one maker of business and special mission aircraft in the world; this subsidiary, however, had been placed up for sale in 2000. Modernization, Training & Mission Support. Shop affordable wall art to hang in dorms, bedrooms, offices, or anywhere blank walls aren't welcome. [33] The next year (1976), UTC forcibly acquired Otis Elevator. Its goals included increasing foreign military sales from 20 percent to 40 percent of total defense revenues; doubling energy and environmental services' $1.7 billion in sales; doubling Beech's $1.1 billion in sales; and increasing appliance sales by 60 percent.

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