Raytheon CEO says company has pushed $450 million in accelerated progress payments to suppliers

By Marjorie Censer / May 14, 2020 at 5:03 PM

Raytheon Technologies has flowed $450 million in accelerated progress payments from the Pentagon to suppliers over the last two months, according to the company's chief executive.

Speaking at a Bank of America conference earlier this week, Greg Hayes said the company has delivered the funds "to our suppliers to make sure that they can maintain their financial viability."

Additionally, he said, Raytheon has set up a "special office" within its supply chain operations "to provide logistical support and to provide support [in] helping them access government funds."

While Hayes said he recognizes the company's airline customers "are going to have a tough time, it is the small business suppliers I am most worried about."

He also said that while Raytheon is not particularly interested in potential acquisitions during this timeframe, it is not ruling it out.

"It would have to be the deal of the century for us to think about" mergers and acquisitions, Hayes said. "But I would never say no if that rare opportunity were to present itself."

"If we see a buying opportunity, we're not going to be shy," Hayes added. "We're not going to be stupid either."