The United Technologies and Raytheon Merger will be the Biggest in the

Report UTC in talks to merge with defense contractor Raytheon possibly moving headquarters out of Connecticut

Raytheon and United Technologies Merge, HQ in Boston, Unknown Impact on RI Jobs

President Donald Trump expressed some concern about the latest merger on Monday morning.

"When I hear they're merging ... does that take away more competition?" asked Trump.

"I want to see that we don't hurt our competition", he said in an interview with CNBC. "It's hard to negotiate when you have two companies and sometimes you get one bid". According to Bloomberg Intelligence analyst Douglas Rothacker, this deal is mostly a diversification strategy to create a contractor that will be a behemoth in the aerospace and defense industry. "Because ... it's already non-competitive".

"It becomes one big, fat handsome company", Trump said of the proposed tie-up between UTC and Raytheon.

United Technologies manufactures both military as well as commercial engines, while Raytheon is mostly focused on defense related products. Because the two companies are generating about $75 billion to $80 billion a year in cash, there will be plenty to invest in research and development and there will be "many opportunities for new franchises", Hayes said, adding that the new organization will have more than 60,000 engineers.

Almost all of the 19,000 CT employees of United Technologies and its subsidiaries will remain in the state, while about 100 top executives and other workers will move to the new headquarters.

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The deal may also be scrutinized by the Pentagon, and perhaps Congress. "As a combined company we will deliver intelligent, innovative and cost-effective solutions across the full spectrum of aerospace and defense needs".

Raytheon, the Waltham defense contractor, is merging with CT neighbor United Technologies.

Chinese authorities scrutinized United Technologies' Rockwell Collins acquisition heavily, given its footprint in that country's market.

Raytheon Technologies will be based near Boston.

Hayes also promised the merged company would keep a "corporate presence in existing locations". The merger is expected to be completed in the first half of 2020, providing UT finalizes Otis and Carrier separation by the time.

Further, the two companies project annual cost-saving of $1 billion beginning in the fourth year after the close of the transaction.

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Raytheon chief executive officer (CEO), Tom Kennedy, also touted the merger with United Technologies.

Hayes said despite speculation, UTC will not be leaving CT, and Raytheon will continue to be a presence in MA.

" It's like a mirror, we don't have overlap", Hayes said. But there is concern about the proposed tie-up in states with UTC facilities, including CT and North Carolina.

In Northrop Grumman's purchase of Orbital ATK previous year, the FTC noted in a statement accompanying the approval that it worked closely with the Defense Department on the review, and had the department appoint someone to oversee compliance of the consent decree.

The Pentagon will submit its views to the Justice Department or the Federal Trade Commission.

JP Morgan analyst Seth Seifman said in a note: "The RTN-UTX merger is a surprise but we see real rationales on both sides in scale, diversification in the face of cyclical uncertainty, and financial benefits".

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