United Technologies Corp (UTC) plans to acquire Raytheon Company and combine its aerospace business with Raytheon to create an enormous company expected to be worth $120 billion—the largest merger to take place to date within the aerospace sector. The deal was announced on Sunday.
United Technologies To Acquire Raytheon In Massive Aero Merger
Key Takeaways:
- United Technologies (UTC) plans to acquire Raytheon Company, combining UTC's aerospace business with Raytheon to form a new $120 billion company, Raytheon Technologies Corp., marking the largest merger in the aerospace sector to date.
- UTC will spin off its non-aerospace units (Carrier and Otis) to focus entirely on its commercial aircraft supply segment, merging it with Raytheon's primary business of supplying missile and intelligence systems to the U.S. government.
- The merger will undergo antitrust review by U.S. regulators and scrutiny from competitors like Boeing, with an expected closure by mid-2020, projecting $1 billion in cost advantages and plans to hire 20,000 people.
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