The merger of Raytheon Company and United Technologies was completed on April 3, with the new Raytheon Technologies emerging as one of the largest aerospace and defence companies in the world.
Announced in June 2019, the merger saw United Technologies sell off its Carrier and Otis business units, and retain its Collins Aerospace and Pratt & Whitney businesses. The transaction has been described as a “merger of equals”, and the new entity now has 195,000 employees and 2019 sales valued at US$74bn (A$121bn).
“Raytheon Technologies brings together two companies with combined strengths and capabilities that make us uniquely equipped to support our customers and partners during this unprecedented time,” Raytheon Technologies CEO Greg Hayes said in a statement. “As we move forward, Raytheon Technologies will define the future of aerospace and defense through our focus on innovation, our world-class people and our financial and operational strength to create long-term value for our customers and shareowners.”
The new company will have four major businesses: Collins Aerospace, Pratt & Whitney, Raytheon Intelligence & Space, and Raytheon Missiles & Defense. The company is headed by Executive Chairman Tom Kennedy, CEO Greg Hayes, and Chief Financial Officer Toby O’Brien.