Report: Raytheon Technologies Accelerates $450M in Supplier Payments; Greg Hayes Quoted

Raytheon Technologies (NYSE: RTX) has provided $450M in expedited payments to its suppliers in line with the Department of Defense’s response to the COVID-19 pandemic, Inside Defense reported Thursday.

Greg Hayes, CEO of Raytheon Technologies, said during Bank of America event that the company funneled the progress payments to its partners across the supply chain over the past two months to help them manage financial performance.

Hayes added the Waltham, Mass.-based contractor also established a “special office” within its supply-chain operations division to handle logistics support and other forms of assistance to ensure suppliers have access to government funds.

Last month, L3Harris Technologies (NYSE: LHX) announced an effort to expedite over $100M in supplier payments while Lockheed Martin (NYSE: LMT) pledged to provide $256M in accelerated payments to its small-business suppliers.

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