Raytheon and UTC to join to form aerospace and defence giant

10 June 2019

Raytheon and United Technologies Corporation (UTC) have announced that they plan to join via an all-stocks merger.

The two US defence contractors will form what they deem to be a "premier systems provider", the companies announced in a joint statement on 9 June, unifying into a new company to be named Raytheon Technologies Corporation, 57% of which will be owned by UTC shareholders and 43% by Raytheon.

The companies will offer a "complementary portfolio of platform-agnostic aerospace and defence technologies", and Raytheon Technologies Corporation is expected to have USD74 billion in pro forma sales in 2019.

United Technologies will take its Collins Aerospace and Pratt & Whitney brands to the merger, the former of which was only established in November 2018 when UTC finalised the acquisition of Rockwell Collins.

(129 of 712 words)