Raytheon is an international, high technology company which operates in four businesses: commercial and defense electronics, engineering and construction, aviation, and major appliances.
Founded in Cambridge, Mass., in 1922 as the American Appliance Company, the company adopted the Raytheon name in 1925. Early expertise was in the field of radio tubes. During World War II, Raytheon was the leading producer of radar tubes and complete radar systems. Following the war, Raytheon became a pioneer in the field of missile guidance. Raytheon also innovated guidance missile systems to intercept aircraft and ballistic missiles. In 1964, Raytheon embarked on a major diversification program to broaden its business base by adding commercial operations.
Beginning in 1990 with the purchase of E-Systems, Raytheon has continued to expand with new acquisitions. In April of 1996, Raytheon announced its plans to buy Chrysler Technologies Airborne Systems (CTAS) and Electrospace Systems, Inc. (ESI) from the Chrysler Corporation for $455 million. The deal, which closed in June 1996, integrated the new acquisitions into Raytheon E-Systems. On January 6, 1997 Raytheon bought Texas Instruments Defense Systems & Electronics for a reported $2.95 billion. The TI acquisition was approved by the Justice Department on July 2, 1997. Less than two weeks later, Raytheon announced a merger with General Motors's Hughes Electronics's defense operations (Hughes Aircraft), creating a $21 billion entity. GM's Hughes Electronics had previously acquired General Dynamics Missile Systems and Phillips's Manavox Electronics Systems.