United Technologies Corp. agreed on Sunday to combine its aerospace business with USA contractor Raytheon Co. and create a new company worth about $121 billion US, in what would be the sector's biggest ever merger.
Industry analysts saw fewer advantages for Raytheon, but noted that it has ensured that it is not left behind in the push to grow bigger in aerospace and defense.
A United Technologies-Raytheon merger has always been speculated on by analysts and investors as the two companies operate mainly in different segments, meaning a deal is likely to attract less scrutiny from regulators than other mergers between big defense players.
"As we await more information, our number one concern is UTC employees", said Larson in a statement. "It's hard to negotiate when you have two companies and sometimes only one bid". "Because.it's already non-competitive".
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Asked whether he would have a problem with the merger, Trump replied: "Only if they have the same products". They're two great companies, I love them both.
According to the deal, United Technologies shareholders will own approximately 57 percent and Raytheon shareholders will own approximately 43 percent of the combined company.
It is unclear whether the merger between Raytheon and United Technologies will necessarily hurt competition.
The merger press release explains that the combined corporation "will offer a complementary portfolio of platform-agnostic aerospace and defense technologies". That would top giants like Lockheed Martin Corp. and Northrop Grumman Corp. This is for UTC Pratt & Whitney fighter jet engines ($21B), UTC Collins Aerospace commercial and military aviation systems ($22B), Raytheon intelligence, space and airborne systems ($18B) and Raytheon missile and integrated defense systems ($16B). United Technologies, comprised of Collins Aerospace and Pratt & Whitney, operates UTC Aerospace in Foley.
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The companies said they expect to return $18 billion to $20 billion to shareholders in the first 36 months after the merger and to see about $1 billion in annual cost savings by the fourth year.
"Fortunately, we don't need to get Chinese approval that need to approve this deal", Greg Hayes said in an interview with Bloomberg Television, adding that there were fewer countries involved than there were during United Technologies' acquisition of Rockwell Collins previous year. Tucson Mayor Jonathan Rothschild thinks a merger with United Technologies could accelerate that. Following rumors that a deal was in the making, the two companies published a website on Sunday that made the "all-stock merger of equals" plan official.
Both Hayes and Raytheon Chairman Tom Kennedy stressed that each of their companies had "complimentary technology", with little duplication in research or production.
Raytheon Technologies will be based near Boston. The merger is meant to qualify as a tax-free reorganization for US federal income tax purposes. Richard Blumenthal, a Democrat from CT, who said he is troubled by the potential impact of the headquarters moving to MA.
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