United Technologies and Raytheon Complete Merger
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Raytheon Technologies Corporation has completed the all-stock merger of equals transaction between Raytheon Company and United Technologies Corporation following the completion by United Technologies of its previously announced spin-offs of its Carrier and Otis businesses.
Upon closing of the merger, United Technologies’ name haschanged to "Raytheon Technologies Corporation," and its shares ofcommon stock will begin trading on the NYSE under the ticker symbol"RTX." United Technologies shareowners will continue to hold theirshares of United Technologies common stock, which now constitute shares ofcommon stock of Raytheon Technologies Corporation.
The combined company expects to introduce breakthroughtechnologies at an accelerated pace across areas such as hypersonics, directedenergy, avionics and cybersecurity. In addition, Raytheon Technologies says ithas a strong balance sheet and cash flows to support critical businessinitiatives, including company and customer-funded R&D.
"Raytheon Technologies brings together two companieswith combined strengths and capabilities that make us uniquely equipped tosupport our customers and partners during this unprecedented time. We will alsoplay our part in the war on the COVID-19 pandemic, including doing everythingwe can to keep our employees around the globe safe and well," said GregHayes, CEO of Raytheon Technologies. "As we move forward, RaytheonTechnologies will define the future of aerospace and defense through our focuson innovation, our world-class people and our financial and operationalstrength to create long-term value for our customers and shareowners."
Raytheon Technologies has four segments focused onhigh-priority areas for customers including Collins Aerospace Systems, Pratt& Whitney, Raytheon Intelligence & Space, and Raytheon Missiles &Defense. Raytheon Technologies’ executive leadership team is comprised of TomKennedy, Executive Chairman, Greg Hayes, Chief Executive Officer, and TobyO’Brien, Chief Financial Officer.
