Cork branch of RTX-owned aerospace firm posts profit surge 

Firm's turnover rose by over a third in 2022, helped in large part by an injection of €7.5m by its parent company

Cork branch of RTX-owned multinational Collins Aerospace

Increased activity levels and a growing headcount saw the Irish arm of multinational aerospace firm, Collins report an operating profit of €1m. 

Newly filed accounts show the firm's turnover increased by over a third in 2022 to more than €9.5m, with the company's income derived from a mark-up on its costs under an agreement with its parent company.

Established in Cork in 2010, Collins Aerospace is a subsidiary of RTX Corporation, formerly Raytheon Technologies. The multinational rebranded in June 2023 and is the world’s largest defence and aerospace conglomerate.

The group received more than €7.5m from its parent company in 2022, with its remaining turnover derived from various grant programmes. 

Located on Penrose Wharf, The Cork branch's profit for the financial year increased to more than €933,000, up significantly from just €165,100 in the previous year. 

The company serves several industries including commercial aviation, helicopters, space and military & defence. Its Cork branch acts as a research and development hub and according to Collins, it is a “key contributor” to its applied research and technology capability.

Speaking in the report, Collins Aerospace said it is involved in research and development on behalf of fellow group entities within the Raytheon Technologies Corporation.

Collins Aerospace employed around 65 people in 2022, with the average salary totalling more than €79,000. However, speaking to reporters last week, a spokesperson for the firm said it had expanded its headcount further and as of 2024, it employed around 100 staff members in its Cork office.

While the Cork branch has been in operation for almost 15 years, in recent months, it has become a target among members of the Cork Palestine Solidarity Campaign (CPSC), who have raised concerns about the activities and parent firm of Collins Aerospace. 

The group has claimed that Collins Aerospace and its parent company, RTX, have developed weapons used to harm civilians in Gaza.

The concerns have led to repeated protests outside the Cork branch's office, with members adamant that demonstrations will continue after six months of repeated pickets.

Speaking outside Penrose Wharf last week, President of the Worker’s Party, Cllr Ted Tynan raised several concerns regarding the branch and called on the Government to investigate the firm, adding that they should “make public the precise nature of the products, systems and components designed and manufactured by Collins Aerospace in Cork.”

“While some of the company’s overall operations may involve purely civilian design and manufacture, the presence of a company which is part of an international operation involved in the arms industry demands that questions should be answered," said Mr Tynan. 

Speaking to reporters in an on-site media briefing last week, a spokesperson for Collins Aerospace declined to comment on the connection between RTX and its subsidiary Raytheon and the war in Gaza. However, the spokesperson said the Cork office operations are not directly or indirectly being used in the war.

The spokesperson said it could not comment on the firm’s clients or the clients of its parent company.

Looking forward, Collins Aerospace said in its annual report that the company's directors plan to grow the business in Cork by further expanding its research activities.