RTX Corporation
Acquisitions
3
Major Deals Covered
$30.0B
Disclosed Deal Value
RTX's largest disclosed acquisition here is Rockwell Collins for $30B in 2018. This page covers 3 major deals from 1965 to 2020, each with its price where disclosed and the reason behind it.
| Company | Year | Price | Purpose |
|---|---|---|---|
| Amana Refrigeration | 1965 | Undisclosed | Raytheon bought appliance maker Amana Refrigeration in 1965, giving it a consumer channel for microwave ovens; the unit was later sold. |
| Rockwell Collins | 2018 | $30.0B | United Technologies acquired Rockwell Collins for about $30 billion including debt to expand its avionics, flight deck and cabin interiors business. |
| Raytheon Company (merger with United Technologies) | 2020 | Undisclosed | United Technologies and Raytheon combined in an all-stock merger of equals after UTC spun off Carrier and Otis. |
2020
United Technologies and Raytheon combined in an all-stock merger of equals after UTC spun off Carrier and Otis.
The deal created Raytheon Technologies, balancing cyclical commercial aerospace with defense revenue.
The company completed the merger on April 3, 2020 and adopted the RTX name in 2023.
2018
$30.0B
United Technologies acquired Rockwell Collins for about $30 billion including debt to expand its avionics, flight deck and cabin interiors business.
Rockwell Collins was combined with UTC Aerospace Systems to form Collins Aerospace.
Collins Aerospace is now one of RTX's three operating segments.
1965
Raytheon bought appliance maker Amana Refrigeration in 1965, giving it a consumer channel for microwave ovens; the unit was later sold.
RTX's growth plan rests on converting its backlog: ramping production of Patriot interceptors and radars, AMRAAM, Standard Missiles and other munitions for U.S. and allied stockpile replenishment; growing commercial aftermarket as GTF and V2500 fleets age; and delivering the F135 Engine Core Upgrade. It is also pruning non-core assets, including the 2026 agreement to sell Raytheon's Blue Canyon Technologies satellite business for $620 million.
RTX earns money in three ways. First, it sells original equipment: Pratt & Whitney GTF and F135 engines, and Collins avionics, actuation, landing gear, power systems and cabin interiors installed on Airbus, Boeing, Embraer and military aircraft. Second, it earns recurring aftermarket revenue from spare parts, overhauls and long-term engine service agreements over aircraft lives of 25 years or more; commercial aftermarket is among its highest-margin work. Third, Raytheon sells missiles, radars, sensors and air defense systems such as Patriot, AMRAAM, Tomahawk, Standard Missile and SPY-6 to the U.S. government and allied nations, through both cost-plus and fixed-price contracts. In 2025, 52% of sales were defense and 48% commercial, and 53% of sales came from the United States.
The most transformative transaction was the April 3, 2020 merger of equals between United Technologies Corporation and Raytheon Company, creating a combined aerospace and defense behemoth valued at more than $120 billion at completion.
In November 2018, United Technologies acquired aerospace avionics leader Rockwell Collins for $30 billion in cash and stock, merging it with UTC Aerospace Systems (UTAS) to create the modern industry giant Collins Aerospace.
In July 2012, United Technologies acquired aircraft landing gear and nacelle maker Goodrich Corporation for $18.4 billion in cash, which was merged with Hamilton Sundstrand to form UTC Aerospace Systems (UTAS).
To streamline corporate operations and satisfy regulatory concerns ahead of the Raytheon merger, United Technologies spun off Carrier Global (HVAC) and Otis Worldwide (elevators) on April 3, 2020, creating two independent S&P 500 corporations.
Raytheon acquired Blue Canyon Technologies (small-satellite manufacturer) in 2020 and SEAKR Engineering (space electronics and processors) in 2021, expanding RTX's capabilities in proliferated low-Earth orbit (pLEO) defense constellations.
To secure US Department of Justice antitrust clearance, Raytheon divested its military airborne radio business to BAE Systems for $275 million, while UTC divested its military GPS receiver business to BAE Systems for $1.9 billion.
In 1997, Raytheon acquired the defense business of Hughes Aircraft Company from General Motors for $9.5 billion, doubling Raytheon's defense electronics footprint and adding Tomahawk cruise missiles and advanced airborne radars to its portfolio.
Sikorsky Aircraft (maker of the Black Hawk and Sea Hawk helicopters) was a founding unit of United Technologies, but UTC sold Sikorsky to defense rival Lockheed Martin for $9.0 billion in cash in November 2015 to exit military rotorcraft.
No. RTX management has explicitly stated that its portfolio is complete following the 2020 mega-merger. Future corporate development will focus strictly on targeted technology bolt-ons in artificial intelligence, hypersonics, and quantum sensing.
In 1995, Raytheon acquired defense communications and intelligence firm E-Systems for $2.3 billion, creating Raytheon's elite electronic warfare, signals intelligence (SIGINT), and classified reconnaissance division.
RTX periodically sells non-core business lines to private equity or strategic buyers (such as divesting Collins' flight simulation business to CAE in 2021 for $392 million and divesting actuator businesses) to optimize balance sheet returns.
The combination of Pratt & Whitney, Collins Aerospace, and Raytheon represents the most successful strategic consolidation of premier aerospace and defense intellectual property in post-Cold War history.
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