Two aerospace industry behemoths, United Technologies and Raytheon, announced their intention to merge in an all-stock transaction.
The new company, to be named Raytheon Technologies Corporation, will become the second largest aerospace and defense company in the world after Boeing.
Once combined, the company’s portfolio of products will span the commercial and military aviation sector. Notably, United Technologies is the parent company of Pratt & Whitney, the Connecticut-based aircraft engine manufacturer.
Source: Wall Street Journal