Raytheon Co. is considering selling or spinning off its largest non-defense business, Raytheon Aircraft Co.

The announcement came after the Waltham-based aerospace company announced a 54 percent increase in profits for the second quarter. Raytheon’s aircraft division, based in Wichita, Kan., makes and maintains business aircraft and has one facility in Van Nuys which employees about 90 people.

The company said it has no plans to close the facility, cut back employment or move it. As a whole, the entire aircraft division does about $3 billion a year in business and employs about 8,000 in North America. Raytheon’s most popular business jet models are the Beechcraft and Hawker business jets.

The civil aircraft division has been problematic for Raytheon of late. Last month, the Securities and Exchange Commission approved the company’s $12 million settlement stemming from its investigation into how the division booked revenue on aircraft sales from 1997 to 2001.

Looming tough competition may also be a factor in the decision to seek a buyer. Albuquerque-based Eclipse Aviation has received provisional certification from the Federal Aviation Administration on its Eclipse 500 jet and Honda introduced a business-class jet last week.