Raytheon Technologies : Board of Directors Authorizes $5 Billion Share Repurchase Program
January 08, 2021 at 03:15 pm
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WALTHAM, Mass- Raytheon Technologies' (NYSE: RTX) Board of Directors authorized today the repurchase of up to $5 billion of the company's outstanding common stock. The new authorization replaces the company's previous program, approved Oct. 14, 2015. Share repurchases may take place from time to time, subject to market conditions and at the company's discretion, in the open market, through privately negotiated transactions or other means.
About Raytheon Technologies
Raytheon Technologies Corporation is an aerospace and defense company that provides advanced systems and services for commercial, military and government customers worldwide. With four industry-leading businesses ? Collins Aerospace Systems, Pratt & Whitney, Raytheon Intelligence & Space and Raytheon Missiles & Defense ? the company delivers solutions that push the boundaries in avionics, cybersecurity, directed energy, electric propulsion, hypersonics, and quantum physics. The company, formed in 2020 through the combination of Raytheon Company and the United Technologies Corporation aerospace businesses, is headquartered in Waltham, Massachusetts.
This release includes 'forward-looking statements' under the securities laws. All forward-looking statements involve risks, uncertainties and assumptions that may cause actual results to differ materially from those expressed or implied in the forward-looking statements. The company is not obligated to purchase any shares under this authorization and may discontinue share repurchases at any time or periodically without notice. The timing, amount and form of future share repurchases under this authorization, if any, are subject to a number of risks and uncertainties. These factors include those described under the caption 'Risk Factors' in our reports on Forms 10-K, 10-Q and 8-K filed with the SEC from time to time.
RTX Corporation (formerly Raytheon Technologies Corporation) is among the world's leading aeronautics and defense groups. Net sales (including intragroup) break down by sector of activity as follows:
- aerial navigation systems (29.3%; Collins Aerospace): manufacturing of electrical, electronical and mechanical systems for aircrafts (compressors, airplane control, etc.), civil and military helicopters, etc.;
- aeronautics (29.2%; Pratt & Whitney): design and manufacturing of civil and military aircraft engines, gas turbines, rocket engines and propulsion systems;
- missile systems, and integrated air and anti-missile defense systems (21.1%; Raytheon Missiles & Defense): design and manufacturing of weapons systems, missiles, munitions, projectiles, radars systems, control and monitoring equipment, communication, information, detection and imaging systems, etc. ;
- aerospace systems (20.4%; Raytheon Intelligence & Space): production of radars, airborne sensors, tactical airborne communications systems, software-defined radio solutions, advanced tactical networking systems, cryptographic systems, real-time sensor networking systems, etc.
Net sales break down by source of revenue between sales of products (76.7%) and services (24.3%).
Net sales are distributed geographically as follows: the United States (86.3%), Europe (5.8%), Asia/Pacific (2.7%), North Africa and Middle East (0.2%) and other (5%).