Raytheon and United Technologies agree on public share association of equal
A man cleans a PW1000G turbofan gearbox engine developed by MTU Aero Engines AG and Pratt & Whitney, a unit of United Technologies Corp., at the Singapore Airshow at the Changi Exhibition Center in Singapore, Monday, February 10, 2014. [19659002] Bloomberg | Brent Lewin
On Sunday, Raytheon and United Technologies announced that they would merge into a corporation, a link that would create a movement in the rapidly growing defense and space sector.
The combination of the two companies called "Merger of Equals" would bring together United Technologies' thriving aviation business, making everything from jet engines, cockpit controls and flight seats to the Tomahawk missile maker Raytheon.
Companies would have combined annual sales of around $ 74 billion, the companies said. That would make the new company, which they plan to call Raytheon Technologies, Norway's second largest space travel and defense company, by revenue, behind Boeing.
The new company wanted its headquarters in the Boston area, the two companies said in a release. Raytheon is based in Waltham, Massachusetts, a suburb of Boston.
If completed, would shareholders in Farmington, Conn. -Based United Technologies, having 57% of the shares in the new company, while Raeython would own 43%.
The agreement is expected to close in the first half of 2020, the companies said.
This is breaking news. Please check back for updates.
