Dow 30 component United Technologies Corporation (UTX) creates smart, sustainable solutions that are used to provide high-technology systems and services to both the building and aerospace industries.
This week, United Technologies and Raytheon Co, a supplier of military aircraft and missile equipment for the U.S. government, announced that they are coming together to form a new company to be called Raytheon Technologies Corporation estimated to be worth $121 billion. This combination represents the biggest merger in this sector and is expected to close in the first half of 2020.
Raytheon Technologies Corporation is expected to be led by former United Technologies chief executive Greg Hayes and Raytheon CEO Tom Kennedy to be named as executive chairman, as per sources. In the combined company, United Technologies shareholders will own about 57% of the combined business and the remaining to be owned by Raytheon. Reportedly the companies expect to return $18 billion and $20 billion of capital to shareholders in the first three years of the new formation.
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