Raytheon, UTC Announce 'Merger of Equals'

Posted: Updated:
Waltham, Mass., and Farmington, Conn. -

Raytheon Co. (NYSE: RTN), which has operations in Indianapolis and Fort Wayne and United Technologies Corp. (NYSE: UTX) are planning what they call a "merger of equals." The all-stock deal excludes Carrier and Otis, which are set to separate from United Technologies next year. The combined company, to be called Raytheon Technologies Corp., will be headquartered in Massachusetts.

The companies say the combined operation will have about $74 billion in 2019 sales. Raytheon Chief Executive Officer Tom Kennedy says the deal brings a "tremendous opportunity for our future success," while UTC CEO Greg Hayes says it will "define the future of aerospace and defense."

The combined company's board of directors will include eight members from United Technologies and seven from Raytheon, including the lead director. Kennedy will serve as executive chairman and Hayes will be CEO.

The merger is expected to be complete in the first half of 2020. It's not expected to affect the timing of the Carrier and Otis separations.

  • Perspectives

    • Circling Back on WeWork

      Back in July when we first discussed WeWork, this fast-growing but money-losing venture was one of the most talked-about IPOs in years. At that time, we noted that it was too early to say what would happen, but “it should be very interesting to watch it all play out.” Turns out, that was a massive understatement!

    More

Subscribe

Name:
Company Name:
Email:
Confirm Email:
HTML
INside Edge
Morning Briefing
BigWigs & New Gigs
Life Sciences Indiana
Indiana Connections
INPower
Subscribe
Unsubscribe

Events



  • Most Popular Stories

    • (IIB Photo/Alex Brown)

      India Wants to Partner with Indiana on Sports

      Indiana Secretary of Commerce Jim Schellinger says a recent trade trip to India included a rare meeting that produced some interesting results.  Schellinger and Governor Eric Holcomb were granted an audience with Indian Prime Minister Narendra Modi.  “We were taken aback at how well he knew Indiana,” said Schellinger. “He knew our (economic) background, our educational background, our history of sports statewide,” said Schellinger, who added...

    • (Image courtesy of Indiana State University)

      ISU 'Dreams' of Major Sports Facilities Improvement

      When Indiana State University developed a master plan for its campus, it didn’t include sports and athletic facilities. That’s about to change.  The university this week revealed a major plan for their sports facilities, according to a report from The Tribune Star of Terre Haute. 

    • Circling Back on WeWork

      Back in July when we first discussed WeWork, this fast-growing but money-losing venture was one of the most talked-about IPOs in years. At that time, we noted that it was too early to say what would happen, but “it should be very interesting to watch it all play out.” Turns out, that was a massive understatement!

    • (Image Courtesy: Purdue Agricultural Communication)

      Slow Harvest in Indiana, Mixed Yield Estimates

      As fall harvest rolls along across the Corn Belt, the U.S. Department of Agriculture has updated its predictions of the size of the nation’s corn and soybean crops. In Indiana, the data shows the state’s corn yield has improved, while soybeans dropped over the past month. 

    • Lauren Petersen and Johna Norton

      United Way Names New Board Members

      United Way of Central Indiana has elected Lauren Petersen (pictured) and Johna Norton (pictured) its newest board members. Petersen currently serves as TechPoint’s senior director of relationship management. She graduated summa cum laude from Ball State University in 2011 where she earned a bachelor’s degree in urban planning and development. Norton serves senior vice president, Global Quality for Eli Lilly and Co.