UTC makes jet engines, including those produced by its Pratt & Whitney and Collins Aerospace subsidaries.
Currently, United Technologies and Raytheon have a shared market value of around $166 billion.
United Technologies shareholders would own 57 percent of the combined company, with Raytheon shareholders owning the rest.
United Technologies has said it is on track to separate its Carrier air conditioning and Otis elevator businesses, leaving the company focused on its aerospace business through its $23 billion acquisition of Rockwell Collins, which was completed in 2018, and the Pratt & Whitney engines business. The timing of the separation of Otis and Carrier is not expected to be affected by the proposed merger. United Tech's shares were down about 2 per cent at US$129.40, while Raytheon's stock was up 1.7 per cent at US$189.2 in morning U.S. trade.
The merger is subject to approval by government regulators, as well as by the two companies' shareholders. In world combined aerospace and defense (civil and military) revenues, the new company would be third-after Boeing and Airbus, respectively. "UTX also gets to de-lever with Raytheon's balance sheet and Raytheon holders get compensated in return". A joint statement from the two companies that the joint company would be named Raytheon Technologies Corporation with Raytheon's CEO Tom Kennedy as the Executive Chairman. "With our enhanced capabilities, we will deliver value to our customers byanticipating and addressing their most complex challenges, while delivering significant value to shareowners". Raytheon also makes electronic warfare equipment and countermeasures for aircraft; the AN/ALE-60 towed decoy system and the Miniature Air-Launched Decoy (MALD) and MALD-J jammer variant.
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The losing pitcher in that game? Mike Yastrzemski led off with a single, the first Giants leadoff hitter to reach base. Kenley Jansen (S, 19, 2-1, 3.04 ERA) saved the shutout easily and the Giants were put to bed and handed a series loss.
"The combination of United Technologies and Raytheon will define the future of aerospace and defense", United Technologies Chairman and CEO Greg Hayes said in a statement about the deal. If approved, the new company will trade on the New York Stock Exchange under the symbol RTX.
Eventually, the companies expect the merger will cut $1 billion in costs annually, half of which will be returned to customers. And employees will have expanded opportunities for career development and advancement in high-growth areas along with ongoing engagement in local communities.
Under the deal, the new Raytheon will consolidate its operations into four businesses: one based on intelligence and aerospace, and another based on defense and missile systems.
"I personally know *many* constituents that work at the UTC facilities in both Windsor Locks and Farmington, engineers, electricians, accountants, sales people, etc". Mr Hayes will ascend to both roles three years after the deal closes.
The combined company's board would have 15 directors - eight from United Technologies and seven from Raytheon. And the company will be led by a proven leadership team with a strong track record of innovation. United Technologies fell 2%.