Next 16 results. UTC’s current leader, Greg Hayes, will serve as CEO of the merged company, with Raytheon CEO Tom Kennedy as executive chairman for two years. Raytheon Co., one of the world's largest defense contractors, and the aerospace giant United Technologies Corp. announced an all-stock merger on Sunday that would create the second-biggest defense and aerospace company in the United States, behind only Boeing Co. The combined entity will be known as Raytheon Technologies, and will have revenues of $74 billion and a valuation of $166 billion. Like Raytheon, the company’s value has responded positively to the planned merger. --Thomas Gryta and Ben Kesling contributed to this article. Serves customers worldwide through a platform-agnostic, diversified portfolio of industry-leading businesses. The companies could mutually benefit from their separate expertise, she said, such as leveraging UTC's expertise in global positioning systems across Raytheon's missile programs. United Technologies Chief Executive Greg Hayes will be chief executive of the combined company, and Raytheon Chairman Thomas Kennedy will be chairman, they said. The agreement is considered to be one of the largest corporate mergers of 2019. The Otis elevator division and Carrier building-systems businesses will become separate publicly traded companies, leaving UTC as a pure-play aerospace company. New Hampshire 29 mins ago NH Man Seriously Hurt After Snowmobile Accident Rhode Island … After the Cold War, lawmakers and other policy makers helped spur a push toward industry consolidation amid a perception of dwindling enemy threats to the U.S. combined with budget drawdowns, which left substantial excess capacity. Raytheon is headquartered in Waltham, Massachusetts, and UTC is based in Farmington, Connecticut. United Technologies Corp. struck a deal to acquire military contractor Raytheon Co., continuing the sprawling industrial conglomerate's transformation into a company focused on aerospace and defense. The companies said Raytheon Technologies would settle in the Boston area, a development that troubles Sen. Richard Blumenthal, D-Conn., a member of the Armed Services Committee. From 1993 to 2000, the number of what are considered prime contractors for the Defense Department fell from 50 to six, researchers found. In connection with the proposed merger, on September 4, 2019, UTC filed with the SEC an amendment to the registration statement on Form S-4 originally filed on July 17, 2019, which includes a joint proxy statement of UTC and Raytheon that also constitutes a prospectus of UTC (the “joint proxy statement/prospectus”). UTC Announces Pricing of Otis' Notes Offering. The combined entity would be split roughly 50/50 between commercial and defense sales, though military is likely to shrink as a proportion as UTC's Pratt & Whitney division ramps up deliveries of its latest jetliner engines. United Technologies and Raytheon Complete Merger of Equals Transaction. > UTC, Raytheon merger raises more questions than answers . Investors are pressuring traditional conglomerates to become more focused. The two-year uptick in Pentagon spending on new aircraft, missiles and other defense equipment is also running out of steam, with analysts projecting muted growth over the next several years. UTC Announces Merger With Raytheon Around 100 employees will move to the new headquarters. UTC, Raytheon merger raises more questions than answers. UTC and Raytheon are both well positioned in the F-35 program, where production is increasing. The Journal first reported Saturday that the two sides were nearing a deal. UTC and Raytheon executives have said the merger is expected to be completed in the first half of 2020. post a comment email this to friend. Copyright © 2021 MarketWatch, Inc. All rights reserved. In what they termed a "merger of equals," the companies said in a joint statement that the creation of Raytheon Technologies Corp. was approved unanimously by both companies' boards and was expected to close in the first half of 2020. Published on June 25, 2019. Raytheon also has big franchises in missile defense with the Patriot system -- a big seller overseas -- and munitions such as the Tomahawk cruise missile. For an optimal experience visit our site on another browser. It has invested heavily in recent years ahead of the recent uptick in Pentagon spending, and has the biggest export business among the five largest U.S. defense contractors. A spokeswoman for UTC told NBC Connecticut that the new company would continue to invest in and have a presence in Connecticut. 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UTC's headquarters are based in Farmington, and the company employs nearly 20,000 people in the state at Collins Aerospace and Pratt & … utc raytheon merger news today: 12. By Angela Fortuna • Published June 9, 2019 • Updated on June 10, 2019 at 11:55 am Raytheon would be combining with UTC's' remaining aerospace business, and all the transactions would take place at the same time. UTC and Raytheon are both well positioned in the F-35 program, where production is increasing. The new company will be known as Raytheon Technologies Corporation. United Technologies and Raytheon Complete Merger of Equals Transaction - … Simon Dawson / Bloomberg via Getty Images file. February 19, 2020 at 6:28 PM EST. United Technologies and Raytheon Complete Merger of Equals Transaction. Both Raytheon and UTC shareholders are scheduled to vote on the merger in separate votes Oct. 11. 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