About Kidde Technologies Inc.
Raytheon technologies provides high-tech products and services for the aerospace, and commercial building industries. It operates through engine aircraft manufacturer Pratt & Whitney; Carrier, its former climate, controls, and security business; Collins Aerospace Systems, maker of engine controls and flight systems for military and commercial aircraft; and Otis, the world's largest elevator and escalator manufacturer. The company generates the majority of its revenue in the US. In 2020, Raytheon Technologies Corporation completed the all-stock merger of equal transaction with United Technologies Corporation following the completion by United Technologies of its previously announced spin-offs of its Carrier and Otis businesses.
Raytheon Technologies operates through four segments: Pratt & Whitney, Carrier, Collins Aerospace Systems, and Otis.
Pratt & Whitney (over 25% of total sales) makes and sells aircraft engines for the commercial, military, business jet, and general aviation markets. It also provides fleet management and aftermarket maintenance services. Its Pratt & Whitney Canada is among the world's leading suppliers of engines for the general and business aviation markets, and also supplies products for regional airlines, utility airplanes, and helicopters.
The Carrier segment (nearly 25%) makes HVAC, refrigeration, fire, security, and building automation products for the commercial, industrial, smart cold chain, and residential sectors. It also provides a wide range of residential and building systems, including air conditioners, heating systems and controls, refrigeration, fire, flame, gas, smoke and carbon monoxide detection, portable fire extinguishers, fire suppression, intruder alarms, access control systems, video management systems and electronic controls.. Many of Carrier's security and fire safety products are marketed under the Chubb and Kidde brand names.
Collins Aerospace Systems (almost 35%) provides aerospace products and aftermarket services for aircraft manufacturers, airlines, regional, business and general aviation markets, the military, and space operations. Products include power generation and management and distribution, aircraft sensing and engine control systems, and surveillance and reconnaissance systems, among several others. It also provides information management services through voice and data communication networks worldwide.
The company's Otis segment (generating over 15% of revenue) is the world's largest elevator and escalator manufacturer. It designs, installs, and services a wide range of passenger and freight elevators as well as escalators and moving walkways. Otis also makes modernization products that improve the safety, reliability, and aesthetics of existing installations.
Overall, product sales generate around 70% of revenue, while the remainder comes from service sales.
Headquartered in Farmington, CT, Raytheon operates more than 650 major properties in almost 100 countries.
The US generates over 60% of the company's total sales, followed by Europe (over 15%) and the Asia Pacific region (over 10%).
Sales and Marketing
Customers in the commercial and industrial sectors contribute around 40% of Raytheon's total revenue. The commercial aerospace market generates almost 45%, and the military aerospace and space sectors over 15%. Carrier sells its products directly to customers and through joint ventures, distributors, dealers, and through retail channels. Otis sells directly to customers and through sales reps and distributors. Collins Aerospace Systems sells aerospace products and services to aircraft manufacturers, airlines and other aircraft operators, the U.S. and foreign governments, maintenance, repair and overhaul providers, and independent distributors.
Revenue in 2019 spiked up by 16% to $77 billion compared with $66.5 billion the previous year. The increase in revenue was primarily driven by higher sales in Collins Aerospace Systems.
Net income reached $5.5 billion, up 5% over $5.2 billion in 2018, mainly from increased sales.
Cash at the end of fiscal 2019 was $7.4 billion, an increase of $1.2 billion from the prior year. Cash from operations contributed $8.8 billion to the coffers, while investing activities used $3.1 billion, mainly for capital expenditures. Financing activities used $4.6 billion, primarily from repayment of long-term debt.
As part of the company's globalization strategy, it have invested in certain countries, including Argentina, Brazil, China, India, Indonesia, Mexico, Poland, Russia, South Africa, Turkey, Ukraine and countries in the Middle East and Central Asia, that carry high levels of currency, political, compliance and economic risk. Raytheon Technologies expects that sales to these and other emerging markets will continue to account for a significant portion of its sales as the company's businesses evolve and as these and other developing nations and regions around the world increase its demand for Raytheon's products.
Raytheon Technologies seeks to grow through strategic acquisitions in addition to internal growth. In the past several years, the company made various acquisitions, including the acquisition of Rockwell Collins in November 2018, and have entered into joint ventures intended to complement and expand its businesses. The company expects to continue to undertake such transactions in the future.
Mergers and Acquisitions
In early 2020, Raytheon Technologies Corporation, a Waltham, Massachussets-based aerospace and defense company, completed the all-stock merger of equals transaction with United Technologies Corporation, following the completion by United Technologies of its previously announced spin-offs of its Carrier and Otis businesses.
United Technologies dates back to 1929 when William Boeing of Boeing Firms and Frederick Rentschler of Pratt & Whitney formed the United Aircraft and Transport Corporation. United Aircraft soon bought aviation companies Hamilton Aero, Standard Steel Propeller, and Sikorsky.
United Aircraft split in 1934 into three independent entities: United Airlines, Boeing Airplane Company, and United Aircraft. United Aircraft retained Pratt & Whitney and several other manufacturing interests. In 1975, the company changed its name to United Technologies Corporation, representing the intent to diversify into other fields in addition to the aerospace industry.
4200 Airport Dr NW
Wilson, NC 27896-8630
Phone: 1 (252) 237-7004
Employer Type: Privately Owned
Manager Materials: Lee Gardner
SEC: John F Hannon
Director Of Global Quality: Melvin Kelly
Employees (This Location): 285
Employees (All Locations): 730