Raytheon Technologies CEO Gregory J. Hayes said he can see eliminating up to 25% of the conglomerate’s 32 million square feet of office space due to changes in work habits brought on by the COVID-19 pandemic.
“The office has changed,” Hayes said Wednesday during a live-streamed virtual interview with Carlyle Group co-founder David Rubenstein for The Economic Club of Washington, D.C.
Noting that he hasn’t had an in-person board meeting or staff meeting since the former United Technologies Corp. and Raytheon Co. merged to form Raytheon Technologies one year ago, Hayes said telecommuting will be the way of the future.
By Zachary F. Vasile, Journal Inquirer
President Joe Biden has reportedly moved to temporarily freeze weapons sales from U.S. arms manufacturers to Saudi Arabia and the United Arab Emirates, a decision that could jeopardize Raytheon Technologies Corp.’s $478 million precision-guided bomb contract with the Royal Saudi Armed Forces.
According to reports from the Wall Street Journal and financial media company Bloomberg, the Biden administration wants time to review the deals and has concerns about the deployment of American-made military technology against civilians in Yemen, where the Saudi military and numerous Arab allies are battling a rebel group backed by Iran.
Operator
Good day, ladies and gentlemen, and welcome to the Raytheon Technologies Fourth Quarter 2020 Earnings Conference Call. My name is Norma, and I ll be your operator for today. As a reminder, this conference is being recorded for replay purposes. On the call today are Greg Hayes, Chief Executive Officer; Toby O Brien, Chief Financial Officer; Neil Mitchill, Corporate Vice President and Financial Planning, Analysis and Investor Relations. This call is being carried live on the Internet and there is a presentation available for download from Raytheon Technologies website at www.rtx.com. Please note, except where otherwise noted, the company will speak to results from continuing operations, excluding net non-recurring and non or significant items and acquisition accounting adjustments, often referred to by management as other significant items. The company also reminds listeners that earnings and cash flow expectations and other forward-looking statements provided in this call