Business performance of RTCIn 2021, RTC generated net sales of almost 64.4 billion U.S. dollars and reported net income of just under 6.7 billion U.S. dollars. Over recent years, UTC’s research and development expenditure increased steadily only to drop to 2.6 billion U.S. dollars in 2020 after the merger. In 2021, RTC employed 174,000 people globally to perform its diversified business performance.
The merger of UTC with RaytheonThe multinational company with headquarters in Connecticut, namely UTC, finalized the deal with Raytheon, one of the largest aerospace and defense companies worldwide. U.S. antitrust officials approved the merger in June 2019, which lasted almost a year to fully complete the merger process and spinoff of two subsidiaries of UTC, namely Collins and Otis. Through this merger, Raytheon Technologies was formed with the operational head moved to Massachusetts. Prior to the merger, UTC was composed of four subsidiary companies, namely Collins Aerospace Systems, Pratt & Whitney, Carrier Global, and Otis Worldwide. Each of these subsidiaries performing in a different field or industry. As one of the leaders in their field of operation, Collins Aerospace Systems provide aerospace engineering technologies and Pratt & Whitney manufacture aerospace products. During the merger of UTC and Raytheon, Collins Aerospace Systems and Pratt & Whitney were merged into Raytheon, to form Raytheon Technologies.
Nevertheless, this was not the case for Carrier and Otis. Carrier was acquired by UTC in 1979 but while the merger with Raytheon was happening, the Carrier Global was disintegrated from the UTC Corporation as an independent company in 2020. Otis Elevator Company was also a UTC subsidiary and the largest manufacturer of vertical transportation systems, including elevators, escalators and many other advanced smart technology. In 2021, it generated 14.3 billion U.S. dollars in net sales. During the merger process in 2020, the complete spinoff of Carrier Global Corp and Otis Worldwide Corp took place due to anti-trust measures to inhibit high market power concentration at hands of Raytheon Technologies. Thus, a new merger led to the formation of two independent companies. Today, Raytheon Technologies is the largest aerospace and defense manufacturer in the world.