Latest news with #PaoloDalCin
Straits Times
10 hours ago
- Business
- Straits Times
Aerospace company RTX to make more investments in S'pore under new pact with EDB
The agreement outlines a road map lasting 10 years for further long-term strategic collaboration in Singapore. PHOTO: PRATT & WHITNEY 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. Join ST's Telegram channel and get the latest breaking news delivered to you.
Business Times
10 hours ago
- Business
- Business Times
EDB, US aerospace giant RTX sign MOU to invest, partner in AI and skills development
[SINGAPORE] The Singapore Economic Development Board (EDB) and US aerospace conglomerate RTX announced on Wednesday (Jun 18) that they have inked a memorandum of understanding (MOU) detailing a 10-year roadmap to further long-term strategic collaboration in Singapore. The agreement affirms Singapore's role as a key hub for RTX's global operations, particularly in aerospace maintenance, repair and overhaul (MRO), advanced manufacturing and innovation, and the company's longstanding commitment to the country. Additionally, the MOU sets the stage for strategic investments and collaborations across other core spaces, such as artificial intelligence, talent and skills development, and foundational technologies for next-generation platforms. 'The agreement builds on our decades-long partnership with Singapore and creates new opportunities to explore innovation and future growth in the aerospace sector,' said Paolo Dal Cin, senior vice-president for RTX's operations and supply chain. Singapore is RTX's third-largest commercial footprint outside of the US, serving as the organisation's commercial aviation operational hub in the Asia-Pacific, which is the fastest-growing region in the aviation industry. The company has had a presence in Singapore for over 50 years, serving as the Republic's largest foreign aerospace and defense employer, with more than 4,300 employees across 12 factories. Earlier in February 2024, RTX business unit Pratt and Whitney announced its full operations of the Singapore Technology Accelerator (STA) in collaboration with EDB. The STA technology projects focus on automation, advanced inspection, connected factory and digital twin, developed to improve MRO shop performance, and are applied across four Pratt & Whitney Singapore-based MRO facilities.
Yahoo
18-05-2025
- Business
- Yahoo
RTX Corporation (RTX) Expands UAE Footprint with Gallium Production Project
On May 16, RTX Corporation (NYSE:RTX) announced the signing of a Memorandum of Understanding (MoU) with Tawazun Council and Emirates Global Aluminium (EGA) to develop gallium extraction and refining capabilities at EGA's alumina refinery in Abu Dhabi. The initiative is set to make the UAE the second-largest producer of gallium, a critical element used across global supply chains. It is used in the production of electric vehicles, semiconductors, telecom infrastructure, and medical devices. From a defense perspective, gallium is a vital component used in various defense products, including advanced radars. A factory line of robotic arms assembling gallium nitride Field Effect Transistors (FETs). This agreement is likely to secure access to gallium for several corporations, including RTX Corporation (NYSE:RTX). Paolo Dal Cin, Senior VP for Operations and Supply Chain at RTX, stated the following at the signing of the MoU: "The aerospace and defense industry relies on stable access to rare earth elements. Today's agreement puts us on a path towards a reliable supply of gallium, needed for the production of critical aerospace and defense solutions." The move has further expanded RTX Corporation (NYSE:RTX)'s footprint in the UAE, following a recent strategic agreement with the Tawazun Council to produce the Coyote counter-drone system locally in the country. RTX Corporation (NYSE:RTX)'s shares have surged by 17% year-to-date, on the back of positive recent developments such as these and several high-value defense contract awards. While we acknowledge the potential of RTX, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than RTX and that has 100x upside potential, check out our report about this cheapest AI stock. READ NEXT: 10 Best Drone Stocks to Buy According to Billionaires and 11 Best American Defense Stocks to Buy Now. Disclosure: None.
Yahoo
18-05-2025
- Business
- Yahoo
RTX Corporation (RTX) Expands UAE Footprint with Gallium Production Project
On May 16, RTX Corporation (NYSE:RTX) announced the signing of a Memorandum of Understanding (MoU) with Tawazun Council and Emirates Global Aluminium (EGA) to develop gallium extraction and refining capabilities at EGA's alumina refinery in Abu Dhabi. The initiative is set to make the UAE the second-largest producer of gallium, a critical element used across global supply chains. It is used in the production of electric vehicles, semiconductors, telecom infrastructure, and medical devices. From a defense perspective, gallium is a vital component used in various defense products, including advanced radars. A factory line of robotic arms assembling gallium nitride Field Effect Transistors (FETs). This agreement is likely to secure access to gallium for several corporations, including RTX Corporation (NYSE:RTX). Paolo Dal Cin, Senior VP for Operations and Supply Chain at RTX, stated the following at the signing of the MoU: "The aerospace and defense industry relies on stable access to rare earth elements. Today's agreement puts us on a path towards a reliable supply of gallium, needed for the production of critical aerospace and defense solutions." The move has further expanded RTX Corporation (NYSE:RTX)'s footprint in the UAE, following a recent strategic agreement with the Tawazun Council to produce the Coyote counter-drone system locally in the country. RTX Corporation (NYSE:RTX)'s shares have surged by 17% year-to-date, on the back of positive recent developments such as these and several high-value defense contract awards. While we acknowledge the potential of RTX, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than RTX and that has 100x upside potential, check out our report about this cheapest AI stock. READ NEXT: 10 Best Drone Stocks to Buy According to Billionaires and 11 Best American Defense Stocks to Buy Now. Disclosure: None. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
16-05-2025
- Business
- Yahoo
Tawazun Council, RTX and EGA Sign MOU to Explore Gallium Production in Abu Dhabi
ABU DHABI, May 16, 2025 /PRNewswire/ -- Today, Tawazun Council; aerospace and defense company RTX (NYSE: RTX); and Emirates Global Aluminium (EGA), the world's largest producer of "premium aluminium," signed a memorandum of understanding to establish EGA as a new producer of gallium, a critical mineral used across global supply chains. This initiative would create gallium extraction and refining capabilities at EGA's alumina refinery in Abu Dhabi and make the UAE the world's second largest producer of gallium. Gallium has applications across many different sectors, including in the production of semiconductors, electric vehicles, medical devices and telecom infrastructure. For the defense industry, the supply of gallium is critical as it is a key component of defense products including advanced radars. This new agreement would secure access to this critical mineral for companies including RTX. "The aerospace and defense industry relies on stable access to rare earth elements," said Paolo Dal Cin, senior vice president for operations and supply chain at RTX. "Today's agreement puts us on a path towards a reliable supply of gallium, needed for production of critical aerospace and defense solutions." EGA and RTX anticipate entering into an agreement to conduct a feasibility study for a high purity gallium plant at EGA's Al Taweelah alumina refinery, which processes bauxite ore into alumina, the feedstock for aluminium smelters. Gallium is found in trace amounts in bauxite. As gallium is an impurity in aluminium, gallium levels must be carefully managed in metal for the most demanding applications. His Excellency Dr. Nasser Humaid Al Nuaimi, Secretary General of Tawazun Council, emphasized the project is a pivotal milestone in developing the UAE's vital industries, positioning the country as a global leader in gallium production — a rare metal essential for sectors including semiconductors, military radar, electric vehicles, medical technology and telecommunications. "Gallium is an important metal for the most advanced electronics systems but remains commercially challenging to produce," said Abdulnasser Bin Kalban, chief executive officer of EGA. "This agreement between Tawazun Council, EGA and RTX makes the development of a new source of gallium in the UAE feasible, creating an additional revenue stream for EGA and a new industrial capability for the UAE in line with our nation's industrial growth strategy Operation 300bn. We look forward to making progress on this project with our partners." About Tawazun Council Tawazun Council is an independent government entity that works closely with the Ministry of Defence and security agencies in the UAE. It aims to enhance the capabilities of the defence and security sector through developing innovative solutions that support the sustainability of the military and security industries. The Council works to balance the needs of the local sector with defence requirements, focusing on improving operational quality and efficiency. The Council also seeks to develop a regulatory environment that ensures the sustainability of technological innovation, enhancing national security and attracting various investments in this field. Through this, the Council contributes to empowering national capabilities, promoting local content, and accelerating growth in the sector by supporting acquisition and development strategies. About EGA Since 1975, when it was founded as Dubai Aluminium by His Highness Sheikh Rashid bin Saeed Al Maktoum, Emirates Global Aluminium has been innovating aluminium to make modern life possible. Today EGA is the world's biggest "premium aluminium" producer and the largest industrial company in the United Arab Emirates outside the oil and gas industry. EGA is equally-owned by Mubadala Investment Company of Abu Dhabi and the Investment Corporation of Dubai. It is the largest company jointly owned by the two Emirates. EGA is an integrated aluminium producer, with operations on four continents from bauxite mining to the production of cast primary aluminium and recycling. EGA operates aluminium smelters in Jebel Ali and Al Taweelah in the United Arab Emirates, an alumina refinery in Al Taweelah, a bauxite mine and associated export facilities in the Republic of Guinea, a speciality foundry in high strength recycled aluminium in Germany, and a recycling plant in the United States. About RTX RTX is the world's largest aerospace and defense company. With more than 185,000 global employees, we push the limits of technology and science to redefine how we connect and protect our world. Through industry-leading businesses – Collins Aerospace, Pratt & Whitney and Raytheon – we are advancing aviation, engineering integrated defense systems for operational success, and developing next-generation technology solutions and manufacturing to help global customers address their most critical challenges. The company, with 2024 sales of more than $80 billion, is headquartered in Arlington, Virginia. Media contacts: RTX Chris Johnson corporatepr@ Emirates Global Aluminium Theodora Gabrah tgabrah@ Tawazun CouncilSimon Buerk tgabrah@ View original content: SOURCE RTX Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
