Boeing and GE Dethrone RTX as Most Valuable Aerospace Company
- Company formerly known as Raytheon tumbled on new engine woes
- Glitch with Pratt & Whitney engines affects Airbus A320 lineup
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New errors with RTX Corp.’s Pratt & Whitney jet engines pushed the aviation and defense giant from its perch as the world’s most valuable aerospace company on Tuesday, losing $15 billion in market capitalization over the course of the trading day.
The company, which recently changed its name from Raytheon Technologies Corp., disclosed new quality glitches on Tuesday affecting about 1,200 of its engines. These engines power about 40% of Airbus SE’s top-selling A320neo jetliners.