Artist rendering of a Raytheon SM-3 interceptor launching from a warship.
United Technologies and Raytheon are joining forces to create an aerospace and defense powerhouse. It is one of the biggest corporate mergers of 2019. The two companies announced Sunday that they have agreed to combine in an all-stock deal they termed a "merger of equals." The new company would have annual revenue of about $74 billion. Together, UTC and Raytheon are worth about $166 billion in market value now. UTC makes up the lion's share of that., report Anneken Tappe and Jill Disis for CNN.com.
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The Intelligent Aerospace take:
June 10, 2019- The new company, Raytheon Technologies Corp., will be created via an exchange of shares between the two firms, with the merger expected to conclude in the first half of 2020, they said in a joint statement.
Raytheon is best known for its Patriot air defense systems, which gained fame during the first Gulf War, and its Tomahawk cruise missiles, often the first weapons fired from U.S. navy ships in recent conflicts.
United Technologies (UTC) is a big player in the aeronautics industry with its Pratt and Whitney engines, which are used in civil and military aircraft, including the F-35 multi-role stealth fighter, considered one of the most advanced combat aircraft in the world.
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Jamie Whitney, Associate Editor