Raytheon Technologies Corporation is an American multinational aerospace and armaments conglomerate headquartered in Waltham, Massachusetts. It is one of the largest aerospace, intelligence services providers, and defense manufacturers in the world by revenue and market capitalization. Raytheon Technologies (RTX) researches, develops, and manufactures advanced technology products in the aerospace and weapons industry, including aircraft engines, avionics, aerostructures, cybersecurity, guided missiles, air defense systems, satellites, and drones. The company is also a large military contractor, getting a significant portion of its revenue from the U.S. government.
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. Before the merger, UTC spun off its non-aerospace subsidiaries Otis Elevator Company and Carrier Corporation. UTC is the nominal survivor of the merger but it changed its name to Raytheon Technologies and relocated its headquarters to Waltham. Former UTC CEO and chairman Gregory J. Hayes is Chairman and CEO of the combined company.
In the late 1980s Raytheon was one of numerous military contractors targeted in the wide-ranging corruption probe by Henry Hudson, a U.S. Attorney in Virginia. In March 1990 the company pleaded guilty to trafficking in classified Pentagon budget documents and paid civil and criminal fines of $1 million.
In 1997 Raytheon and its former Amana unit agreed to pay $10 million to settle a class-action lawsuit contending that Amana sold defective furnaces and water heaters.
In 1998 Raytheon paid $2.7 million settle allegations that it improperly charged the Defense Department for expenses incurred in marketing products to foreign governments.
In 1999 Raytheon paid $400,000 to settle claims that it overcharged the Defense Department on an aircraft maintenance contract.
In 2000 Raytheon agreed to pay the federal government just over $1 million to resolve quality-control issues on various electronic devices sold to the Pentagon. The company had voluntarily reported the problems after discovering “testing anomalies.” 
In 2003 Raytheon agreed to pay $3.9 million to settle charges that its aircraft division overbilled the Defense Department when invoicing the cost of liability insurance. At the same time, the company disclosed that the SEC was investigating fraudulent accounting practices at the aircraft unit. More than three years later, the company finally settled the matter by agreeing to pay a penalty of $12 million.
Also in 2003, Raytheon agreed to pay a $25 million civil penalty to resolve State Department charges that the company violated export controls by selling military communications equipment to Pakistan through its Canadian subsidiary.
In a rare rebuke by a company to its chief executive, Raytheon announced in 2006 that it was denying William Swanson an annual raise and reducing his stock award. The move, which reportedly cost the CEO about $1 million, came after it was discovered that Swanson had apparently engaged in plagiarism in the preparation of his book Swanson’s Unwritten Rules of Management.
Environment and Product Safety
Raytheon is associated with a number of toxic waste sites, including those resulting from production facilities that contaminated ground water with substances such as the carcinogen trichloroethylene (TCE). These include sites in areas such as Tucson and St. Petersburg, Florida.
The St. Petersburg situation, where an underground plume of toxic waste was reported to be migrating toward Boca Ciega Bay, has been especially controversial. In 2008 two class action lawsuits were filed against the company on behalf of local residents. The company brought in experts who insisted the plume did not pose a health risk, but that did little to allay anger in the Azalea community. Raytheon later agreed to carry out a cleanup plan that received state approval in August 2012.