RTX - RTX/Saudi Defense Firm's Failed Arms Megadeal - Blame Emergence Of China Russia Links | Benzinga
The U.S. defense manufacturer, RTX Corp (NYSE: RTX), formerly Raytheon Technologies, terminated a substantial multi-billion-dollar agreement with Scopa Defense, a Saudi firm, driven by concerns that Scopa Defense was engaging in business transactions with companies from China, Russia, and Belarus subject to international sanctions.
In 2022, RTX and Scopa signed a memorandum of understanding to collaborate on establishing a factory in Saudi Arabia to produce air defense systems to safeguard Riyadh from aerial threats, including airstrikes.
The ambitious plan included installing radar and multiple air defense systems, the Wall Street Journal