ARLINGTON, Va. — The merger of the Raytheon Co. and United Technologies Corp. (UTC), announced June 9, will result in a defense company with a broad portfolio in weapons, sensors, mission systems, avionics and propulsion.
In a joint announcement, Raytheon and UTC said they entered into an agreement to merge, naming the merged company Raytheon Technologies Corp.
“The transaction will create a premier systems provider with advanced technologies to address rapidly growing segments within aerospace and defense,” the announcement said. “The merger of Raytheon, a leading defense company, and United Technologies, a leading aerospace company, comprised of Collins Aerospace and Pratt & Whitney, will offer a complementary portfolio of platform-agnostic aerospace and defense technologies.”
Raytheon is known for missiles and other aerial weapons, radars, undersea weapons, command-and-control systems and mission systems among other systems. UTC is the manufacturer of the F135 engine used on the F-35. Collins is known for cockpit avionics and other aircraft systems.
“Areas of joint advancement include, but are not limited to: hypersonics and future missile systems; directed energy weapons; intelligence, surveillance, and reconnaissance (ISR) in contested environments; cyber protection for connected aircraft; next generation connected airspace; and advanced analytics and artificial intelligence for commercial aviation,” the companies’ announcement said.
Raytheon’s four business sectors will be consolidated into two sectors, Intelligence, Space and Airborne Systems and Integrated Defense and Missile Systems. The UTC sectors Collins Aerospace and Pratt & Whitney will form the third and fourth sectors of Raytheon Technologies.
Tom Kennedy, the current chairman and chief executive officer of Raytheon, will be appointed executive chairman of Raytheon Technologies and Greg Hayes will be named CEO. Two years following the close of the transaction, Hayes will assume the role of chairman and CEO. The company will remain headquartered in the Boston area.
UTC’s Carrier and Otis sectors are expected to be spun off into separate companies in 2020.