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Sun Jun 9, 2019, 10:29 PM

Raytheon, United Technologies to merge

Source: Associate Press

Raytheon, United Technologies to merge

June 9, 2019

WALTHAM, Mass. (AP) — Raytheon Co. and United Technologies Corp. are merging in a deal that creates one of the world’s largest defense companies.

The merger, announced Sunday, will close in the first half of 2020 after United Technologies completes the previously planned separation of its Otis and Carrier businesses.

Raytheon shareholders will receive 2.33 shares in the new company for each Raytheon share. Once the merger is complete, United Technologies shareholders will own approximately 57% of the company; Raytheon shareholders will own the rest.

The combined company, named Raytheon Technologies Corp., will be a powerhouse of defense research and technology, with total sales of approximately $74 billion this year. That would top giants like Lockheed Martin Corp. and Northrop Grumman Corp.

Waltham-based Raytheon was founded in 1922 and makes missiles — including the Patriot system — and cybersecurity tools. Connecticut-based United Technologies was founded in 1934 and makes products for the aerospace and building sectors, including airplane engines and spacesuits.

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Read more: https://apnews.com/4472bddebe154dd09af0e3b0cc857e9c

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