Aerospace company RTX to make more investments in S'pore under new pact with EDB
Aerospace company RTX to make more investments in S'pore under new pact with EDB
SINGAPORE - Global aerospace company RTX will be looking to make more investments in Singapore under a new pact signed with the Economic Development Board (EDB), the firm said on June 18.
The agreement outlines a road map lasting 10 years for further long-term strategic collaboration in the Republic.
'This agreement reaffirms RTX's longstanding commitment to Singapore and its role as a key hub for RTX's global operations, particularly in aerospace maintenance, repair and overhaul, advanced manufacturing and innovation,' RTX said in a statement.
It added that the agreement also sets the stage for investments and collaborations across areas such as advanced manufacturing; maintenance, repair and overhaul activities; artificial intelligence and innovation; talent and skills development; and foundational technologies for next-generation platforms.
EDB executive vice-president Cindy Koh said: 'Singapore's longstanding partnership with RTX, a globally leading aerospace company, bears testament to our standing as Asia's leading aerospace hub.
'We are heartened to see RTX's growth in Singapore to capture aerospace and aviation growth opportunities in the Asia-Pacific region.'
She added: 'We are excited to witness the build-out of new capabilities in advanced manufacturing and innovation in the coming years, which will bring significant value to the ecosystem.'
Mr Paolo Dal Cin, senior vice-president for RTX's operations and supply chain, said the agreement also builds on the company's decades-long partnership with Singapore.
'It represents our shared vision for building a strong future focused on technology, advanced manufacturing and talent development in the Asia-Pacific region,' he said.
RTX, which is headquartered in Virginia, has more than 185,000 global employees and racked up over US$80 billion (S$102 billion) in sales in 2024.
Singapore is its third-largest commercial footprint outside the United States, which RTX said is a result of strong support from the Singapore Government and its strategic location near major markets in the region.
The Republic also serves as RTX's commercial aviation operational hub in the Asia-Pacific, which RTX notes is the fastest-growing region in the aviation industry.
RTX has been in Singapore for over 50 years, with more than 4,300 employees across 12 factories here currently.
The company added: 'RTX continuously invests in strategic partnerships to design, develop and produce innovative solutions that support the growing defence and commercial aviation customer base in Asia-Pacific.'
Its businesses include Collins Aerospace, Pratt & Whitney and Raytheon, through which it works to advance aviation, engineer integrated defence systems and develop next-generation technology solutions and manufacturing for global customers.
Sue-Ann Tan is a business correspondent at The Straits Times covering capital markets and sustainable finance.
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