Summary
This 8-K filing from Raytheon Technologies Corporation (formerly United Technologies Corporation) announces the official completion of its merger with Raytheon Company on April 2, 2020. This significant event results in the company's rebranding to Raytheon Technologies Corporation and the listing of its common stock on the NYSE under the ticker symbol "RTX". The filing also addresses the substantial impact of the COVID-19 pandemic on the company's operations and the broader aerospace sector, citing increased global economic uncertainty and disruptions to business continuity, supply chains, and financial markets. Due to this uncertainty, RTX is withdrawing its previously issued 2020 financial outlooks for its Collins Aerospace and Pratt & Whitney segments and will provide further updates on or about May 7, 2020.
Key Highlights
- 1Completion of the merger between United Technologies Corporation and Raytheon Company, effective April 2, 2020.
- 2Company officially renamed Raytheon Technologies Corporation (RTX) and common stock now listed on the NYSE under the ticker symbol "RTX".
- 3Acknowledgement of the significant negative impact of the COVID-19 pandemic on the aerospace sector and RTX's business operations.
- 4Withdrawal of the 2020 financial outlook for Collins Aerospace and Pratt & Whitney segments due to COVID-19 related uncertainty.
- 5Company is actively working to protect employees, maintain business continuity, and ensure the safety of its global workforce.
- 6Potential impacts on supply chains, economic growth, financial markets, and currency exchange rates due to COVID-19 are noted.
- 7RTX expects to provide an updated outlook and further information during its Q1 2020 earnings announcement, anticipated around May 7, 2020.