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12 June 2019, 07:49 | Hattie Nash
A United Technologies Raytheon merger has long been speculated on by analysts and investors More
United Technologies, the conglomerate that owns businesses making everything from Otis elevators to Chubb door locks, is planning to spin off its non-aerospace companies, then merge its existing aerospace division with Tomahawk-missile-making Raytheon, if United States antitrust regulators approve the deal.
The new company will also assume about $26bn in net debt, but the two companies say it will return between $18bn and $20bn of capital to shareholders in the first three years after the merger. Trump asked. "It becomes one, big, fat, handsome company, but I have to negotiate - meaning the United States has to buy things".
Mr Trump praised both companies and said he hoped a deal can be done, but warned: "I don't want to see where we have one less person that can compete for an order".
United Technologies chairman and chief executive Greg Hayes is expected to lead the combined company while Thomas Kennedy, the chairman and CEO of Raytheon - the fourth-largest USA defense contractor - would be chairman.
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For the objective, Raytheon is to consolidate its current four businesses into two, while United Technologies is already separating from Otis and Carrier, that should become independent once again.
Shares of Raytheon were up 0.9% in late trading while United Technologies was down 2.7%. United Technologies Corporation, comprised of Collins Aerospace and Pratt & Whitney, is headquartered in Farmington, Connecticut. We're talking roughly $75 billion in annual sales - more than Lockheed Martin or Northrop Grumman, and second only to Boeing. Under the merger agreement, United Technologies stockholders will own 57% of Raytheon Technologies and Raytheon shareholders will own the rest of the new company.
The deal would push United Technologies further from the cyclical nature of its commercial businesses, and more deeply into the defense sector.
The merger, the largest of the year so far, will have to be approved by competition authorities and was questioned by president Donald Trump on Monday.
Hayes said the merger "had been on our radar screen for years" but could not become a reality until UTC divested itself of Otis and Carrier. United Technologies provides plane makers with electronics, communications and other equipment, while Raytheon primarily supplies the US government with military aircraft and missile equipment.
Mr Trump, who has criticised big corporate deals throughout his presidency, said that he was "a little concerned" that the blockbuster merger would hurt competition in the aerospace industry.
Hayes called the deal "a stock merger of equals", and said it would result in cost and revenue synergies that will save its customers money and result in bigger dividends for shareholders.
The headquarters will be in the Boston area; now United Technologies is based on Farmington, Connecticut, while Raytheon's headquarters is in Waltham, Massachusetts.
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Hayes will be named CEO of Raytheon Technologies, with Tom Kennedy, current CEO and chairman of Raytheon, as executive chairman of the combined company.
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