in waltham type public traded as nyse rtn s & p 500 component industry aerospace and defense founded cambridge massachusetts united states 1922 founder vannevar bush laurence k. marshall charles g. smith headquarters waltham massachusetts united states area served worldwide key people thomas a. kennedy 1 chairman ceo revenue us 23.247 billion 2015 2 us 22.826 billion 2014 2 operating income us 3.013 billion 2015 2 us 3.179 billion 2014 2 net income us 2.074 billion 2015 2 us 2.179 billion 2014 2 total assets us 29.281 billion 2015 3 us 27.716 billion 2014 3 total equity us 10.330 billion 2015 3 us 9.721 billion 2014 3 number of employees 61 000 february 2016 4 website www.raytheon.com the raytheon company is a major u.s. defense contractor and industrial corporation with core manufacturing concentrations in weapons and military and commercial electronics . it was previously involved in corporate and special mission aircraft until early 2007 . raytheon is the world s largest producer of guided missiles . 5 established in 1922 the company reincorporated in 1928 and adopted its present name in 1959 . the company has around 63 000 employees worldwide 6 and annual revenues of approximately us 25 billion . more than 90 % of raytheon s revenues were obtained from military contracts and as of 2012 it was the fifth largest military contractor in the world . 7 as of 2015 it is the third largest defense contractor in the united states by defense revenue . 8 raytheon s headquarters moved from lexington massachusetts to waltham massachusetts in 2003 . 9 the company was previously headquartered in cambridge massachusetts from 1922 to 1928 newton massachusetts from 1928 to 1941 waltham from 1941 to 1961 lexington from 1961 to 2003 and back to waltham from 2003 onwards . contents 1 history 1.1 early years 1.2 during world war ii 1.3 after world war ii 1.4 1980s 1.5 1990s 1.6 2000s 1.7 2010s 2 company structure 2.1 businesses 2.1.1 strategic business areas 2.2 leadership 2.3 international 2.4 ownership 3 products and services 3.1 overview 3.2 air traffic control systems 3.3 radars and sensors 3.4 satellite sensors 3.5 communications 3.6 radioactive materials detection system 3.7 semiconductors 3.8 missile defense systems 3.9 missiles 3.10 hi tech simulators 3.11 training services and learning outsourcing 4 controversies 4.1 government relationship 4.2 case of illegally obtaining classified information in a bidding process 4.3 disputed claims of the patriot missile 4.4 contract disputes 4.5 brazilian sivam project 4.6 ages lawsuit 4.7 securities litigation 4.8 swanson s unwritten rules of management 4.9 silent guardian testing on prisoners 4.10 harvesting personal data from social networking websites 4.11 production of depleted uranium weapons 5 environmental record 5.1 workplace diversity 5.2 advocacy 6 see also 7 references 8 external links history edit an early raytheon tube box a raytheon tomahawk block iv cruise missile during a u.s. navy flight test at naws china lake california november 10 2002 early years edit in 1922 two former tufts engineering college roommates laurence k. marshall and vannevar bush along with scientist charles g. smith founded the american appliance company in cambridge massachusetts . 10 its focus which was originally on new refrigeration technology soon shifted to electronics . the company s first product was a gaseous helium rectifier that was based on charles smith s earlier astronomical research of the star zeta puppis . 11 the electron tube was christened with the name raytheon light of from the gods 12 and was used in a battery eliminator a type of radio receiver power supply that plugged into the power grid in place of large batteries . this made it possible to convert household alternating current to direct current for radios and thus eliminate the need for expensive short lived batteries . in 1925 the company changed its name to raytheon manufacturing company and began marketing its rectifier under the raytheon brand name with great commercial success . in 1928 raytheon merged with q.r.s. company an american manufacturer of electron tubes and switches to form the successor of the same name raytheon manufacturing company . in 1933 it diversified by acquiring acme delta company a producer of transformers power equipment and electronic auto parts . by the 1930s it had already grown to become one of the world s largest vacuum tube manufacturing companies . during world war ii edit early in world war ii physicists in the united kingdom invented the magnetron a specialized microwave generating electron tube that markedly improved the capability of radar to detect enemy aircraft . american companies were then sought by the us government to perfect and mass produce the magnetron for ground based airborne and shipborne radar systems and with support from the massachusetts institute of technology s radiation laboratory recently formed to investigate microwave radar raytheon received a contract to build the devices . within a few months of being awarded the contract raytheon had already begun to mass manufacture magnetron tubes for use in radar sets and then complete radar systems . at war s end in 1945 the company was responsible for about 80 percent of all magnetrons manufactured . during the war raytheon also pioneered the production of shipboard radar systems particularly for submarine detection . raytheon ranked 71st among united states corporations in the value of world war ii military production contracts . 13 raytheon s research on the magnetron tube revealed the potential of microwaves to cook food . in 1945 raytheon s percy spencer invented the microwave oven by discovering that the magnetron could rapidly heat food . in 1947 the company demonstrated the radarange microwave oven for commercial use . after world war ii edit in 1945 the company expanded its electronics capability through acquisitions that included the submarine signal company founded in 1901 a leading manufacturer of maritime safety equipment . with its broadened capabilities raytheon developed the first guidance system for a missile that could intercept a flying target . in 1948 raytheon began to manufacture guided missiles . in 1950 its lark missile became the first such weapon to destroy a target aircraft in flight . raytheon then received military contracts to develop the air to air sparrow and ground to air hawk missiles projects that received impetus from the korean war . in later decades it remained a major producer of missiles among them the patriot antimissile missile and the air to air phoenix missile . in 1959 raytheon acquired the marine electronics company apelco applied electronics which significantly increased its strength in commercial marine navigation and radio gear as well as less expensive japanese suppliers of products such as marine weather band radios and direction finding gear . in the same year it changed its name to raytheon company . during the post war years raytheon also made generally low to medium powered radio and television transmitters and related equipment for the commercial market but the high powered market was solidly in the hands of larger better financed competitors such as continental electronics general electric and radio corporation of america in the us and got into the educational publishing business with the acquisition of d.c. heath . in the 1950s raytheon began manufacturing transistors including the ck722 priced and marketed to hobbyists . in 1961 the british electronics company a.c. cossor merged with raytheon following its sale by philips . the new company s name was raytheon cossor . the cossor side of the organisation is still current in the raytheon group as of 2010 . in 1965 it acquired amana refrigeration inc. a manufacturer of refrigerators and air conditioners . using the amana brand name and its distribution channels raytheon began selling the first countertop household microwave oven in 1967 and became a dominant manufacturer in the microwave oven business . 1980s edit in 1980 raytheon acquired beech aircraft corporation a leading manufacturer of general aviation aircraft founded in 1932 by walter h. beech . in 1993 the company expanded its aircraft activities by adding the hawker line of business jets by acquiring corporate jets inc. the business jet product line of british aerospace now bae systems . these two entities were merged in 1994 to become the raytheon aircraft company . in the first quarter of 2007 raytheon sold its aircraft operations which subsequently operated as hawker beechcraft and since 2014 have been units of textron aviation . the product line of raytheon s aircraft subsidiary included business jets such as the hawker 800xp and hawker 4000 the beechjet 400a and the premier i ; the popular king air series of twin turboprops ; and piston engine aircraft such as the bonanza . its special mission aircraft included the single turboprop t 6a texan ii which the united states air force and united states navy had chosen as their primary training aircraft . 1990s edit in 1991 during the persian gulf war raytheon s patriot missile received great international exposure resulting in a substantial increase in sales for the company outside the united states . in an effort to establish leadership in the defense electronics business raytheon purchased in quick succession dallas based e systems 1995 chrysler corporation s defense electronics and aircraft modification businesses which had previously acquired companies such as electrospace systems 1996 portions of these businesses were later sold to l 3 communications and the defense unit of texas instruments defense systems & electronics group 1997 . also in 1997 raytheon acquired the aerospace and defense business of hughes aircraft company from hughes electronics corporation a subsidiary of general motors which included a number of product lines previously purchased by hughes electronics including the former general dynamics missile business pomona facility the defense portion of delco electronics delco systems operations and magnavox electronic systems . citation needed raytheon also divested itself of several nondefense businesses in the 1990s including amana refrigeration and seismograph service ltd sold to schlumberger geco prakla . on october 12 1999 raytheon exited the personal rapid transit prt business as it terminated its prt 2000 14 system due to high cost of development and lack of interest . 15 the prt 2000 prototype now sits idle at their marlboro massachusetts facility . 16 2000s edit in november 2007 raytheon purchased sarcos for an undisclosed sum seeking to expand into robotics research and production . 17 in september 2009 raytheon entered into an agreement to acquire bbn technologies . 18 the acquisition was completed on october 29 2009 . 19 in december 2010 ast applied signal technology agreed to be acquired by raytheon for 490 million . 20 2010s edit in october 2014 raytheon beat rivals lockheed martin and northrop grumman for a contract to build 3delrr a next generation long range radar system for the us air force worth an estimated 1 billion . 21 this contract award was immediately protested by raytheon s competitors lockheed martin and northrup grumman . after re evaluating the bids following these protests 22 the us air force has decided to delay awarding the 3delrr emd contract until 2017 and will issue an amended solicitation at the end of july 2016 . 23 in july 2016 poland s defence minister antoni macierewicz planned to sign a letter of intent with raytheon for a 5.6 billion deal to upgrade its patriot missile defence shield . 24 25 company structure edit businesses edit raytheon is composed of five major business divisions integrated defense systems based in tewksbury massachusetts ; wes kremer president intelligence information and services based in dulles virginia ; dave wajsgras president missile systems based in tucson arizona ; taylor w. lawrence president space and airborne systems based in mckinney texas ; rick yuse president . 26 forcepoint based austin texas ; ceo matt moynahan . 27 raytheon s businesses are supported by several dedicated international operations including raytheon australia ; raytheon canada limited ; operations in japan ; raytheon microelectronics in spain ; raytheon uk formerly raytheon systems limited ; and thalesraytheonsystems france . strategic business areas edit