Raytheon expanding its $5 billion TX presence with new McKinney facility
Woop Wooop! This expansion will create 500 new high-tech jobs!
Construction is expected to be completed in late 2020. The building will include 200,000 square feet of workspace dedicated to high-tech manufacturing described as a “factory of the future” environment.
The $27 billion-a-year defense company employs about 3,000 people in McKinney, according to Raytheon.
As part of its expansion announcement, the company released a study by the University of North Texas Economic Research Group that puts a $4.8 BILLION price tag on its economic impact in Texas. In Collin County alone, where the new manufacturing facility will be located, the company contributes $2.6 billion to the local economy, according to the study.
The company’s North Texas presence is growing more rapidly than Raytheon operations in any other part of the country, Azevedo said, employing 3,622 workers in Collin County. Raytheon also operates facilities in Plano, Richardson and Dallas.
“Next year, Raytheon will become the second largest aerospace and defense company when we merge with United Technologies,” Azevedo told media and political officials gathered for the announcement Thursday.
Azevedo said the McKinney campus expansion isn’t related to the $121 billion merger with United Technologies Corp., which is expected to be completed by mid-2020.
“This is all organic growth that we’ve had in this business,” Azevedo said.
Raytheon’s decision to grow in McKinney reflects the work by community leaders to make the city a place where people want to live and work, Azevedo told officials and community members.
Source: Dallas Morning New – Dom DiFurio