Defense contractor Raytheon Technologies shed its century-old name this week as the next step in an overhaul of its corporate strategy.
The company unveiled its new three-letter moniker, RTX, in a LinkedIn post on Monday. The rebranding comes three years after Raytheon merged with aerospace manufacturer United Technologies Corp. to form Raytheon Technologies. Since then, the company’s stock has traded under the RTX ticker symbol.
RTX “is a nod to the past and a nod to the future,” Greg Hayes, the company’s chief executive, said at an investor meeting Monday. He noted United Technologies’ ticker symbol was UTX; Raytheon’s was RTN.
Last summer, the conglomerate announced it would move its headquarters to Arlington, Virginia. Earlier this year, it announced plans to reorganize into three brands: Collins Aerospace, Pratt & Whitney, and Raytheon.
In a call with analysts in April, Christopher Calio, RTX’s chief operating officer, said the restructuring is meant to better align the company’s businesses with customer priorities, improve performance, and to better use company resources to optimize investments and cost structure.