UTC Announces Merger With Raytheon
Around 100 employees will move to the new headquarters.
United Technologies Corp. announced the company will be merging with the Raytheon Company.
The companies announced Sunday that they have reached an agreement to combine in an all-stock merger of equals.
It would create a new combined company worth over $100 billion.
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Currently, there are 19,000 jobs at UTC in Connecticut. The merger will have an overall minimum impact on job levels, according to a UTC spokeswoman.
Around 100 people will be moving to the new headquarters, according to a statement from the governor's office.
Raytheon is a leading defense company located in Waltham, Mass. and UTC is a leading aerospace company located in Farmington. The merger will create a premier systems provider with advanced technologies to address rapidly growing segments within aerospace and defense, the press release states.
UTC is comprised of Collins Aerospace and Pratt & Whitney.
The merger will offer expanded technology and research and developmental capabilities to provide innovative and cost-effective solutions.
"This huge potential merger raises very sweeping and serious questions and doubts about its impact on the Connecticut workforce and economy, as well as our national security and defense," U.S. Senator Richard Blumenthal said.
The merged company will be named Raytheon Technologies Corporation. It will be headquartered in the greater Boston area and will retain a corporate presence in existing locations.
The merger will exclude Otis and Carrier which are expected to separate from UTC in 2020.
“UTC and its subsidiaries, including Pratt & Whitney, Otis Elevator, and Collins Aerospace, continue to be an important part of Connecticut’s fabric," Governor Ned Lamont said.
“The combination of United Technologies and Raytheon will define the future of aerospace and defense,” Greg Hayes, United Technologies chairman and CEO, said. “Our two companies have iconic brands that share a long history of innovation, customer focus and proven execution."
The merger is expected to close in the first half of 2020.
A UTC spokeswoman said the company will continue to invest and be present in Connecticut.