As one of the largest aerospace and defense companies in the United States and the world, Raytheon Technologies Corporation is standing shoulder to shoulder with industry giants like Boeing and General Dynamics.
The corporation is comprised of four businesses that operate in different industries. The missions of these businesses aren’t identical as their products are aimed at civilian and military sectors.
Raytheon’s mission ‘to combine complementary technology offerings and world-class engineering teams to deliver innovative solutions’ connects each of its businesses only vaguely.
Regardless of its shortcomings, the Raytheon mission statement provides insight into the corporation’s culture and identifies innovation and excellence as its main driving forces.
Throughout its long history, Raytheon provided scientists with the support they needed to transform the defense, aviation, and space industries.
|Name||Raytheon Technologies Corporation|
|Founded||July 7, 1922, as American Appliance Company,
April 3, 2020, as Raytheon Technologies Corporation
|Headquarters||Arlington, Virginia, United States|
|Industry||Aerospace, electronics, defense, information security|
|Market cap||$122.99 billion|
Raytheon Mission Statement – In-Depth Analysis
A century after two college friends founded the American Appliance Company, Raytheon Technologies Corporation is one of the three largest aerospace and defense companies in the world, along with Boeing and Lockheed Martin.
Raytheon Company changed its name to Raytheon Technologies Corporation after completing the merger with the United Technologies Corporation in 2020. It currently serves as a parent company for these businesses:
So, besides being one of the aviation and defense industry leaders, Raytheon is also among the space industry’s key players. The company’s GPS technology was used during several SpaceX’s launches, which shows just how important Raytheon is for the future of space exploration.
The following statement summarizes the corporation’s purpose and reveals the common goals of its businesses:
‘We are advancing aviation, building smarter defense systems, and creating innovations to take us further into space.’
Raytheon Technologies Corporation’s mission contains these elements:
- Leadership in the defense and commercial airspace industry
- Innovation as the corporation’s driving forces
- Finding solutions to the world’s problems
Leader in Defense and Commercial Airspace Industries
Raytheon got its first government contract during the Second World War. The company was tasked with producing magnetron, a microwave electron tube used in radar systems.
After the war, the company extended its operations to the development of guidance systems and was commissioned by the US military to produce air-to-air Sparrow missiles and ground-to-air Hawk missiles.
Today, Raytheon Missiles & Defense is one of the nation’s largest radar and sonar equipment manufacturers. The company also makes:
- Precision guided munitions
- Non-lethal energy weapons
- Air-launched decoys
- Counter-drone weapons
- Ground vehicle sensors
Collins Aerospace manufactures a wide range of commercial, business, and military aviation products, while Pratt & Whitney makes commercial and military aircraft engines.
Both companies are considered industry leaders that manufacture components for airplanes used by companies like Southwest Airlines or the US Military. Raytheon Technologies Corporation’s mission is to provide the support these companies need to retain their position within these industries.
Innovation as The Corporation’s Driving Force
85% of the company’s technical staff has advanced degrees, while 69% of Raytheon’s employees hold doctorates. These stats show the corporation’s determination to bring together the world’s best engineers and scientists.
The corporation uses the Raytheon Technologies Research Center to accomplish the following goals:
- Encourage innovation within the company’s businesses
- Solve the problems its customers are facing
- Make breakthrough discoveries
- Collaborate with universities and national laboratories
Raytheon is currently investing substantial funds into six research areas and focuses its efforts on the development of:
- Disruptive technologies
- Autonomy-enabling technologies
- Complex integrated systems
- Advanced manufacturing processes and materials
- Model-based digital threads
- Electrification and sustainability
The corporation is working on expanding the boundaries of artificial intelligence technologies and developing new aircraft engine technologies. Hence, finding innovative solutions for the challenges the cybersecurity, energy, and aviation sectors are facing is one of Raytheon’s primary goals.
Bringing Solutions to World’s Problems
Space exploration is arguably one of Raytheon’s most significant legacies. Its space tracking and surveillance systems, satellite sensors, and GPS systems have already had an immense impact on space exploration.
Moreover, American astronauts wore Raytheon suits on more than 200 spacewalks. On June 1, 2022, Collins Aerospace announced it was selected to develop spacesuits for astronauts on the International Space Station.
This is just one among countless examples of Raytheon’s efforts to find solutions to the world’s problems.
Its businesses are developing technologies that have the power to transform the way we think about travel, predict weather patterns, or approach the security of nations.
Raytheon manufactures 66% of the world’s airspace management systems and is one of the pioneers of connected aviation ecosystems. Moreover, the corporation developed zero-touch solutions that enable passengers to go through airports with minimal contact.
The proven track record of achievements in the aerospace and defense sectors is a clear sign that Raytheon’s purpose is to find answers to the issues that are slowing down our technological progress.
Raytheon Vision Statement
Innovation, experimentation, and exploration are the principles upon which Raytheon is built. Its focus was always on the future and the next big discovery that would transform the aviation, space, or military industry.
The corporation’s vision statement also reveals its commitment to building a better world by claiming:
‘Our vision is a safer, more connected world. A world grounded in the advancement of people and their potential, where inclusion and belonging are paramount and where the next generation of creators is born.’
The statement also suggests that Raytheon intends to continue developing technologies that benefit humankind and its posterity.
The corporation’s vision encompasses these ideas:
- Encouraging experimentation and discovery
- Fighting for human rights
- Decarbonizing the aviation industry
- Celebrating diversity and inclusion
It’s also worth adding that Raytheon invested $500 million in the Connect Up program that will provide STEM education and career development opportunities to young people from underdeveloped communities over the next ten years.
Encouraging Discovery and Experimentation
Supporting initiatives for lifelong learning opportunities is consistent with Raytheon’s tradition of discovery and experimentation.
The corporation’s chairman and CEO, Gregory J. Hayes, said:
‘It is our pioneering spirit that permeates through our company today, guiding us as we define a new era and collaborate to build a more sustainable future.’
These words reference the company’s long history of breakthrough discoveries that transformed aviation and military industries. The corporation will continue to provide the world’s leading scientists with the conditions they need to make revolutionary discoveries.
Protecting Human Rights
Raytheon’s goal is to achieve gender parity and improve the representation of people of color within its leadership by 2030. Aside from caring for the well-being of its employees, the corporation will resume its support for initiatives that combat human trafficking and modern slavery.
Its human rights policy recognizes that some of the corporation’s products can be utilized to violate fundamental human rights and condemns misuse of its military equipment.
Raytheon intends to extend the reach of its corporate social responsibility programs in the future and increase its investments in communities worldwide.
Decarbonizing the Aviation Industry
Reducing the aviation industry’s CO2 emissions to zero by 2050 is one of the corporation’s most ambitious plans for the future. Nonetheless, its researchers are actively working on the development of aircraft engines that don’t run on fossil fuels.
Hydrogen-fueled propulsion, engine efficiency, and alternative aviation fuel are cornerstones of its decarbonization strategy.
Raytheon also intends to decarbonize all its operations and minimize its reliance on natural resources in its manufacturing facilities.
Currently, only 3.5% of the energy Raytheon’s facilities worldwide are using comes from renewable sources, but the corporation plans to increase its global renewable energy consumption to 10% by 2025.
Celebrating Diversity and Inclusion
Raytheon businesses have offices in more than forty countries, and their employees have different cultural backgrounds. That’s why equality, inclusion, and diversity are fundamental aspects of the corporation’s culture.
Supplier diversity is also one of Raytheon’s priorities as it provides significant support to businesses from impoverished communities. The corporation actively promotes economic policies based on equality and advocates social justice reform.
Building partnerships with organizations that fight against discrimination and social exclusion will remain Raytheon’s focal point in the future.
Raytheon Core Values
The vision of a safer and more connected world the enterprise intends to build relies on values of trust, respect, collaboration, innovation, and accountability.
These values fuel all actions Raytheon businesses take to develop new technologies or engage with local communities.
In addition, they form the foundation of the corporation’s mission to revolutionize the aerospace and defense industries. The corporation’s core values also serve as a guideline for employees on how they should approach each other and their work.
The culture of trust and reliance on each other enables employees to find solutions to the problems they’re facing and do what is right for the company.
Building trust without respect is impossible. That’s why all employees are encouraged to treat others and share their opinions respectfully.
The corporation’s commitment to discovery is guided by responsibility for its actions. Hence, everyone within the organization must strive for excellence and be accountable for their achievements and failures.
Despite their differences, all team members should share their knowledge and work with their colleagues to develop new technologies. Collaboration is a vital element of the corporation’s culture that enables it to find solutions that drive the world forward.
Novelty and invention have always been a part of Raytheon’s culture. Its countless achievements are the result of relentless experimentation and determination to create revolutionary products.
- Raytheon’s mission is to develop technologies that enable aerospace and defense industries to develop and evolve
- The vision of a safer and more connected world is central to the corporation’s future
- Raytheon’s purpose is to find solutions to the world’s problems through innovation, exploration, and experimentation
- The corporation intends to decarbonize the aviation sector and develop alternative fuel options in the next few decades
Frequently Asked Questions about Raytheon Mission Statement
Question: Did Raytheon Invent the Microwave Oven?
Answer: Raytheon’s employee Percy Spencer invented the microwave oven. The company released the first microwave oven for commercial use in 1947.
Question: Is Raytheon an Equal Opportunity Employer?
Answer: Raytheon is an equal opportunity employer that adopted policies for transgender and transsexual employees in 2005.
Question: Which Weapons Does Raytheon Make?
Answer: Javelin missile, TOW Weapon System, and Excalibur missile are some of the most famous weapons the corporation makes.
Question: What is Raytheon’s Net Worth?
Answer: Raytheon Technologies Corporation’s net worth in 2022 is $119.35 billion.
Question: Is Raytheon a Member of the US Global Leadership Coalition?
Answer: Raytheon is one of the 400 companies that participate in the US Global Leadership Coalition that supports American humanitarian and diplomatic efforts abroad.
Other Companies with Similar Values
A handful of companies dominate the aerospace and defense market, as Boeing, Raytheon, and Lockheed Martin control more than 50% of the market shares.
Consequently, only a handful of companies can compete with Raytheon as the corporation continues its rapid growth.
Most companies in the aerospace and defense sectors have similar missions and values, as their goal is to build technologies that protect and connect people. Here are a few companies that share the same set of values as Raytheon:
- Lockheed Martin – The company’s goal ‘to solvecomplex challenges and deliver innovative solutions’ resembles Raytheon’s mission.
- Airbus – The European aerospace company offers a wide range of commercial aircraft products, military defense systems, and satellites for space and Earth observation.
- Northrop Grumman – With $30 billion of annual revenue, Northrop Grumman is a global aerospace and defense industry leader. The company’s mission is ‘to be at the forefront of technology and innovation.’
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