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Last Updated:
2024-09-22 08:20:01

Raytheon

Major U.S. defense contractor
Major U.S. defense contractor

Raytheon, a leading defense contractor, was established in 1922. It was known for manufacturing weapons, military electronics, and guided missiles. In 2020, Raytheon merged with United Technologies Corporation to form Raytheon Technologies.

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1922-07-07
Founding of Raytheon Company

Raytheon Company, originally known as the American Appliance Company, was founded on July 7, 1922, near the Massachusetts Institute of Technology by Laurence Marshall, Dr. Vannevar Bush, and Dr. Charles G. Smith. Their breakthrough innovation was a tube that transformed the radio into an accessible, affordable device for the home.

1925
Introduction of Raytheon Tube

In 1925, the Raytheon tube, a gaseous rectifier, was perfected and introduced to the public. It revolutionized the radio industry, making radios affordable and accessible to every household.

1926
Raytheon Tube Sales Success

By the end of 1926, the Raytheon tube had brought in more than $1 million in sales, establishing Raytheon as a major player in the radio tube market for the next two decades.

1928
Merger with Q.R.S. Company

In 1928, Raytheon merged with Q.R.S. Company, a manufacturer of electron tubes and switches, forming the successor company Raytheon Manufacturing Company.

1933
Diversification with Acquiring Acme-Delta Company

In 1933, Raytheon diversified its business by acquiring Acme-Delta Company, a producer of transformers, power equipment, and electronic auto parts.

1940
Raytheon chosen to develop magnetrons for microwave radar systems

In 1940, Raytheon was selected to develop magnetrons, a crucial component of microwave radar systems, marking the company's entry into defense technology.

1942
Manufacturing of Radar for PT Boats by Raytheon

In 1942, Raytheon started manufacturing the radar for PT boats, a task previously deemed impossible by other manufacturers. By the end of the war, every U.S. PT boat was equipped with Raytheon radar, showcasing its significance in naval warfare.

1945
Raytheon's Contribution to World War II

During World War II, Raytheon played a crucial role in manufacturing magnetron tubes for radar systems, becoming responsible for about 80 percent of all magnetrons produced by war's end. The company also pioneered shipboard radar systems for submarine detection.

1946
Invention of the Microwave Oven

Following the war, Raytheon's engineer Percy Spencer accidentally discovered the heating effect of a magnetron, leading to the invention of the world's first microwave oven, named Radarange.

1947
Invention of the Microwave Oven

In 1947, Raytheon demonstrated the world's first microwave oven, named 'Radarange,' through an employee contest. This invention revolutionized cooking by utilizing microwave radio signals to cook food.

1948
Raytheon begins manufacturing guided missiles

In 1948, Raytheon started manufacturing guided missiles, expanding its technological capabilities in defense systems.

1950
Lark missile destroys target aircraft

In 1950, Raytheon's Lark missile achieved a milestone by becoming the first weapon to successfully destroy a target aircraft in flight. This success propelled Raytheon into the development of more advanced guided missile systems.

1952
Licensing agreement between Raytheon and Tappan Stove Company

In 1952, Raytheon entered into a licensing agreement with Tappan Stove Company to promote and sell microwave ovens to the domestic market.

1953
Introduction of RAYDAC computer

Raytheon ventured into computer technology by producing the RAYDAC computer for the U.S. Navy, which became operational in 1953. Despite its operational status, the RAYDAC computer was considered outdated due to rapid technological advancements.

1954
Formation of Datamatic Corporation

In 1954, Raytheon entered into a joint venture with Honeywell to establish the Datamatic Corporation. However, Raytheon later sold its interest to Honeywell before the introduction of the DATAmatic 1000 system.

1955
Introduction of the first domestic microwave oven by Tappan

In 1955, Tappan Stove Company introduced the first domestic microwave oven, which was more compact than previous models.

1958
Acquisition of Applied Electronics Company

Raytheon acquired the marine electronics company Applied Electronics Company in 1958, enhancing its capabilities in commercial marine navigation and radio gear. This acquisition also strengthened Raytheon's position in the market.

1959
Raytheon changes name to Raytheon Company

In 1959, Raytheon changed its name to Raytheon Company, reflecting its diverse range of products and services in the defense and aerospace electronics industry.

1960
The Raytheon Computer Armchair Shopper

The Raytheon Computer Armchair Shopper brochure was published around 1960.

1961
Merger of A.C. Cossor with Raytheon

In 1961, the British electronics company A.C. Cossor merged with Raytheon, forming a new entity named Raytheon Cossor. The Cossor division continues to be part of Raytheon as of 2010.

1964
Thomas L. Phillips becomes President of Raytheon

In 1964, Thomas L. Phillips was appointed as the president of Raytheon, leading the company to aggressively diversify its defense-based product lines through strategic commercial acquisitions.

1965
Acquisition of Amana Refrigeration, Inc.

Raytheon purchased Amana Refrigeration, Inc. in 1965, a company known for manufacturing refrigerators and air conditioners. This acquisition led to the introduction of the first household microwave oven under the Amana brand in 1967.

1966
Entry into educational publishing business and manufacturing of Apollo Guidance Computer

In 1966, Raytheon diversified its portfolio by entering the educational publishing sector through the acquisition of D.C. Heath and Company. Additionally, the company manufactured the Apollo Guidance Computer, a crucial component used in all NASA Project Apollo missions.

1967
Introduction of the First Countertop Microwave Oven by Raytheon

In 1967, Raytheon introduced the first countertop microwave oven for domestic use. Priced at just under $500, this 100-volt microwave oven was smaller and more affordable, making it more accessible to the general public.

1968
Acquisition of The Badger Company

In 1968, Raytheon acquired The Badger Company, a petroleum and petrochemical plant designer and builder based in Cambridge, Massachusetts.

1969
Acquisition of United Engineers & Constructors

In 1969, Raytheon purchased United Engineers & Constructors, a power plant designer and builder located in Philadelphia.

1971
First Network Email Sent

Ray Tomlinson, a principal engineer with Bolt, Beranek and Newman (later acquired by Raytheon Company), used equipment to send the first network email in 1971.

1972
Acquisition of Cedarapids, Inc. by Raytheon

In 1972, Raytheon acquired Cedarapids, Inc. This acquisition marked a significant development in Raytheon's expansion and diversification in various technological fields.

1976
Renaming of SAM-D to Patriot

In 1976, the SAM-D high-performance aircraft was renamed the 'Patriot' in honor of the U.S bicentennial celebration.

1980
Raytheon acquires Beech Aircraft Corporation

In 1980, Raytheon acquired Beech Aircraft Corporation, a prominent manufacturer of general aviation aircraft established in 1932 by Walter H. Beech.

1986
Patriot Advanced Capability Phase 1 (PAC-1) missile interception

In 1986, the Patriot Advanced Capability Phase 1 (PAC-1) missile successfully intercepted and destroyed a Lance missile in flight, showcasing its anti-tactical missile capabilities.

1991
Raytheon's Patriot in the Persian Gulf War

During the 1991 Persian Gulf War, Raytheon's Patriot missile system faced a real test in military conflict, demonstrating its effectiveness in combat.

1992
Acquisition of AMBER Engineering

In 1992, Raytheon strengthened its commercial and defense electronics systems capabilities by acquiring California-based AMBER Engineering, known for its expertise in infrared components and focal plane arrays.

1993
Raytheon acquires Corporate Jets, Inc.

In 1993, Raytheon acquired Corporate Jets, Inc. from British Aerospace and renamed the business Raytheon Corporate Jets.

1994
Merger of Beech Aircraft with Raytheon Corporate Jets

In 1994, Raytheon merged Beech Aircraft with Raytheon Corporate Jets, creating Raytheon Aircraft Company.

1995
Acquisition of E-Systems

Later in 1995, Raytheon acquired E-Systems, a defense and government electronics company specializing in intelligence, reconnaissance, surveillance systems, command and control, and specialized aircraft maintenance.

1996
Raytheon acquires aircraft modification and defense electronics businesses of Chrysler Technologies

In 1996, Raytheon acquired the aircraft modification and defense electronics businesses of Chrysler Technologies and merged them into Raytheon E-Systems.

1997-07
Expansion of Defense Systems and Electronics Business

In July 1997, Raytheon expanded its Defense Systems and Electronics business by acquiring complementary businesses and expertise in advanced defense systems, such as precision-guided weapons, anti-radiation and strike missiles, airborne radar, night vision systems, and electronic warfare systems.

1997-12
Merger with Hughes Electronics

In December 1997, Raytheon merged with the defense operations of Hughes Electronics, a prominent supplier of advanced defense electronics systems and services. This $9.5 billion transaction marked the largest in Raytheon's history.

1998
RIM-162 ESSM

RIM-162 Evolved Sea Sparrow Missile (ESSM) is a naval surface-to-air missile designed to protect ships against incoming anti-ship missiles. It is an upgraded version of the Sea Sparrow missile.

1999-10-12
Raytheon exits personal rapid transit (PRT) business

On October 12, 1999, Raytheon decided to discontinue its involvement in the personal rapid transit (PRT) business due to high development costs and lack of interest.

2001
Raytheon's office in the World Trade Center during September 11 attacks

During the September 11 attacks in 2001, Raytheon had an office in the South Tower of the World Trade Center, which was destroyed in the collapse following the impact of United Airlines Flight 175.

2003
Relocation of Raytheon's Headquarters

In 2003, Raytheon moved its headquarters from Lexington, Massachusetts, to Waltham, Massachusetts, marking a significant shift in its operational base.

2007-01
Raytheon sells aircraft operations, leading to formation of Hawker Beechcraft

In the first quarter of 2007, Raytheon sold its aircraft operations, which later operated as Hawker Beechcraft.

2007-11
Raytheon acquires Sarcos for robotics expansion

In November 2007, Raytheon acquired Sarcos to venture into robotics research and production, aiming to broaden its technological capabilities.

2008-05-31
Raytheon deadline to investigate groundwater contamination

In May 2008, Raytheon was given a deadline to investigate groundwater contamination at its site in St. Petersburg, Florida. Despite testing wells since 1996, Raytheon had not delivered a final report on the contamination.

2010-12
Acquisition of Applied Signal Technology by Raytheon

In December 2010, Raytheon agreed to acquire Applied Signal Technology for $490 million.

2014-03
Thomas Kennedy named CEO of Raytheon Company

In March 2014, Thomas Kennedy was appointed as the CEO of Raytheon Company, taking over from William H. Swanson who had been serving as CEO since 2003.

2014-09
Thomas Kennedy becomes Chairman of Raytheon Company

In September 2014, Thomas Kennedy also assumed the role of Chairman at Raytheon Company, succeeding William H. Swanson.

2014-10
Raytheon wins 3DELRR contract

In October 2014, Raytheon secured a contract to build the 3DELRR radar system for the USAF, beating competitors Lockheed Martin and Northrop Grumman.

2014-12
Top ten institutional shareholders of Raytheon in December 2014

As of December 2014, the top ten institutional shareholders of Raytheon included Wellington Management Company, Vanguard Group, State Street Corporation, and others.

2015-05
Raytheon acquires Websense, Inc.

In May 2015, Raytheon acquired cybersecurity firm Websense, Inc. for $1.9 billion and merged it with RCP to form Raytheon|Websense.

2015-10
Raytheon|Websense acquires Foreground Security

In October 2015, Raytheon|Websense purchased Foreground Security for $62 million.

2016-01
Raytheon|Websense acquires Stonesoft

In January 2016, Raytheon|Websense acquired Stonesoft from Intel Security and rebranded itself as Forcepoint.

2016-07
Poland's deal with Raytheon for Patriot missile-defense shield

In July 2016, Poland's Defence Minister planned to sign a $5.6 billion deal with Raytheon to upgrade its Patriot missile-defense shield.

2017
Introduction of T-6A Texan II

The T-6A Texan II was introduced as part of the Joint Primary Aircraft Training System to replace older trainer aircraft in the Navy and Air Force. It aimed to train the next generation of student aviators for advanced military aircraft.

2018-11
Market Capitalization in November 2018

In November 2018, Raytheon's shares traded at over $164 per share, and its market capitalization was valued at over US$51.7 billion.

2019-07
Qatar's acquisition of Raytheon's NASAM and Patriot missile defense systems

In July 2019, Qatar's Ministry of Defense committed to acquiring Raytheon's NASAM and Patriot missile defense systems.

2020-02
Completion of LTAMDS Radar Antenna Array

In February 2020, Raytheon finished the first radar antenna array for the US Army's new missile defense radar, LTAMDS, replacing the Patriot system sensor.

2020-04
Merger with United Technologies Corporation

In April 2020, Raytheon merged with United Technologies Corporation to create Raytheon Technologies, with headquarters in Arlington, Virginia.

2022-07-06
Centennial Anniversary of Raytheon Company

Raytheon Company celebrates its 100th anniversary in 2022. The company's legacy of excellence in technology and innovation has shaped air travel, global defense, and space exploration.

2023-07
Rebranding to RTX Corporation and Merger of Business Segments

In July 2023, Raytheon Technologies rebranded as RTX Corporation and merged Raytheon Intelligence & Space and Raytheon Missiles & Defense to form a new business segment.

2024-04-10
Upgrades for RTX's Ascentia

In April 2024, RTX's Ascentia is set to receive significant upgrades, showcasing the company's commitment to innovation and advancement.

2024-04-17
Narita airport selects RTX for passenger experience improvement

On April 17, 2024, Narita airport chose RTX to enhance the travel experience for passengers, highlighting RTX's impact on the aviation industry.

2024-04-18
RTX signs largest renewable electricity deal

On April 18, 2024, RTX signed its largest renewable electricity deal to date, showcasing a commitment to sustainability.

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Raytheon
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