Aerospace and defense manufacturing giant Raytheon Technologies, now known as RTX, plans to close its Dallas factory and lay off employees, citing declining business and budget cuts.
Based in Arlington, Virginia, the company has factories in the following locations: 6000 Lemon Avenue The company, located in Dallas near Dallas Love Field Airport, said in a Worker Adjustment and Retraining Notice to the Texas Labor Commission that it plans to close the plant and lay off 27 workers at the facility. said. This relocation could lead to redevelopment opportunities.
RTX was recently completed Business restructuringThis went from four business units to three: Pratt & Whitney, Collins Aerospace, and Raytheon.It was also rebranded from Raytheon Technologies Transferred to RTX as part of the process.
“The Raytheon business unit of Raytheon Technologies has begun reducing its workforce due to anticipated business declines and budget constraints, including plant closures,” said Sandra, Raytheon's Director of Employee and Labor Relations. Cormier Buchanan said in a letter to the Texas Labor Commission. . “This action will result in a number of permanent layoffs at Raytheon's location at 6000 Lemon Avenue in Dallas, Texas. We hope to achieve this goal.”
Raytheon has more than 6,000 employees in the Dallas-Fort Worth region, the nation's fourth largest metropolitan area with more than 7.9 million residents. The company continues to grow its Texas real estate footprint, with facilities in McKinney, Richardson and Dallas.
Raytheon, which had sales of $67.1 billion last year, owns a fenced-in manufacturing plant in Dallas, according to CoStar data. The 1940s vintage building is located near Dallas Love Field Airport and within miles of downtown and Uptown Dallas. Raytheon bought the property more than 20 years ago and the property was last appraised at $15.2 million, according to the Dallas Central Appraisal District. The property's infill location could set the stage for valuable real estate in the future.
Raytheon did not immediately respond to KoStar News' request for comment about its Dallas real estate plans.
Raytheon's plant is located in a part of Dallas that has historically had low vacancy rates and some of the highest industrial land prices in the region, said Bill Kitchens, director of Dallas-Fort Worth market analysis for CoStar. . He said this area of Dallas remains a target for real estate investors, but as land and real estate prices in the area have increased, investors have focused on building office and multifamily buildings. added.
“As growth moves north from the medical district toward Love Field, East Brook Hollow's industrial buildings should continue to be a target for investors seeking redevelopment opportunities,” Kitchens said.
