In June 2019 The Raytheon Company and United Technologies Corporation announced their plan to merge in an all-stock deal. The new company’s name will be Raytheon Technologies Corporation, and it is expected to achieve close to $74 billion in annual sales, making it second only to Boeing in the United States in annual revenue.
The merger, which is subject to approval by government regulators and by the companies’ shareholders, brings together two organizations that have been integral to the explosion of technology in the United States for the past century, with inventions including the microwave oven and the Patriot missile and accomplishments such as transmitting the first photo via satellite and receiving the first GPS signal. Under the deal, Raytheon Technologies will consolidate its operations into four businesses: intelligence and aerospace, defense and missile systems, Collins Aerospace, and Pratt & Whitney.
United Technologies Chairman and CEO Greg Hayes, who will be the Chairman and CEO of the new company two years after the merger is finalized, says, “The combination of United Technologies and Raytheon will define the future of aerospace and defense. By joining forces, we will have unsurpassed technology and expanded R&D capabilities. Merging our portfolios will also deliver cost and revenue synergies that will create long-term value for our customers and shareowners.” Tom Kennedy, Raytheon Chairman and CEO, will be the new company’s Executive Chairman. He says, “Raytheon Technologies will continue a legacy of innovation with an expanded aerospace and defense portfolio supported by the world’s most dedicated workforce.”
The headquarters of the new company will be in the Boston metro area. Raytheon is currently based in Waltham, Massachusetts and United Technologies is based in Farmington, Connecticut.
Albert & Company International, Inc. is a unique consultancy and Web publishing service for Executive Development and Advanced Management. Our vision is to help individuals gain the knowledge they need to excel, thereby increasing their efficiency and productivity, leading to better organizational growth. For more information on this and many other courses in our extensive Executive Education database, the most comprehensive and complete of its kind, visit us on the Web at http://albertconsulting.com, or email us at email@example.com.