Raytheon leaving Massachusetts for new global headquarters
Raytheon will leave Massachusetts to follow competitor Boeing to Virginia
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Raytheon Technologies is ditching Massachusetts and will establish a new global headquarters in Arlington, Virginia.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| RTX | RTX CORP. | 120.67 | +1.53 | +1.28% |
The defense and aerospace giant currently has 600 facilities in the U.S. across 44 states and territories. Each of the company's four business units currently has operations in Virginia. The new global headquarters will be located in Arlington's Rosslyn neighborhood alongside its Intelligence & Space business.
"The location increases agility in supporting U.S. government and commercial aerospace customers and serves to reinforce partnerships that will progress innovative technologies to advance the industry," the company said in a statement. "Washington, D.C., serves as a convenient travel hub for the company’s global customers and employees."
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Raytheon emphasized that it has not accepted or sought any financial incentives to support the establishment of the new global headquarters.
"I commend Raytheon Technologies' leadership and pledge that Virginia is committed to being a partner in their mission to build a safer, more connected world," Virginia Gov. Glenn Youngkin said in a statement. "With four of the top five major U.S. aerospace and defense leaders now based in Virginia, this decision to headquarter in Arlington demonstrates that the commonwealth is the best destination for the aerospace and defense community."
Raytheon's relocation from Waltham, Massachusetts, comes about a month after competitor Boeing said it would move its global headquarters from Chicago to Arlington.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| BA | THE BOEING CO. | 143.97 | -2.11 | -1.44% |
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For full year 2022, Raytheon is forecasting total sales between $67.75 billion and $68.75 billion, down from previous guidance of $68.5 billion to $69.5 billion and driven by ceasing its business activities in Russia. Adjusted earnings per share for full year 2022 are expected to fall within the range of $4.60 to $4.80 per share.
The company's stock has climbed more than 12% year-to-date as of the time of publication.