The proposed merger of Raytheon and United Technologies Corp. (UTC) took a major step forward on 11 October as shareholders of both companies approved the merger.
While specific vote results have not yet been released, the companies said their shareholders "overwhelmingly" backed the merger, which is designed to create a "premier systems provider". Raytheon stockholders met in New York City, while UTC's convened in Palm Beach Gardens, Florida.
"Today's vote reflects a significant step on our path to unite two world-class companies with complementary technologies and supports our view that this merger of equals will create additional growth opportunities while delivering benefits to our shareowners, customers, and employees," said Tom Kennedy, Raytheon's chairman and chief executive officer.
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