The new firm-to be called Raytheon Technologies Corporation (RTC) and finalized in the first half of 2020-will include all of Raytheon, a leading defense industry contractor, and the defense and aerospace divisions of UTC.
Consolidation in the defense and aerospace industries has been intensifying in recent decades, leaving all but a handful of huge contractors to provide the U.S. military with the weapons it uses to raise entire cities, destroy countries and kill millions of people.
United Technologies provides primarily commercial plane makers with electronics, communications and other equipment, whereas Raytheon mainly supplies the US government with military aircraft and missile equipment.
"By joining forces, we will have unsurpassed technology and expanded R&D capabilities", Hayes said. "It's hard to negotiate when you have two companies and sometimes you get one bid". "Does that make it less competitive, because it's already noncompetitive".
Asked in an interview on CNBC whether he would have problems with the merger, President Trump replied, "Only if they have the same products". Every US military operation and regime change campaign since the Gulf War of 1991-from Iraq and Afghanistan to Yugoslavia, Libya, Somalia, Yemen and Syria-have included the launching of Raytheon-made Tomahawk cruise missiles, mostly from naval ships and submarines.
Under the deal, United Technologies' shareholders will own around 57 percent and Raytheon shareholders will own about 43 percent of the merged company.
The headquarters of the new merged company, called Raytheon Technologies, would be in the greater Boston area.
"I think once [President Trump] understands the benefits of this merger in terms of what it's going to do to reduce costs to the government, what it's going to do to improve the technology of the USA government and our defense profile, and what it's going to do for jobs in this country, I think he's going to be supportive, as he has been for both companies over the course of this administration", United Technologies Chairman and CEO Greg Hayes told CNBC soon after the president called in.
Conversely, United Technologies could benefit from reducing its exposure to commercial aerospace clients amid concerns that the rise of worldwide trade protectionism will suppress economic growth and weigh on the flow of goods through air traffic.
Per a news release, the new company will have approximately $74 billion in pro forma 2019 sales.
Raytheon Technologies will focus on hypersonics - vehicles or weapons which can fly five times faster than the speed of sound - as well as intelligence and surveillance systems, artificial intelligence for commercial aviation and cybersecurity for connected planes. An investor selling point for the merger-as well as a likely rationale for USA government regulatory agency approval of the deal-is that there is little overlap in capabilities and products between the two firms.
"The combination of United Technologies and Raytheon will define the future of aerospace and defense", United Technologies Chairman and CEO Greg Hayes said in a statement about the deal.
According to an in-depth investigation by In These Timespublished last month, Raytheon is one of the major providers of missiles and other weaponry to Saudi Arabia, which-with the backing of the United States-has been waging a vicious assault on Yemen since 2015.
The new company will also assume about $26bn in net debt, but the two companies say it will return between $18bn and $20bn of capital to shareholders in the first three years after the merger. Raytheon shareholders will own the remaining stake, and Raytheon CEO Tom Kennedy will be named executive chairman. The company's board will have eight directors from United Technologies and seven from Raytheon. That brought a complaint from U.S. Sen.
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House of Representatives Speaker Nancy Pelosi speaks about the introduction of the Equality Act at the U.S. She also promised that Congress would continue to position stress on the administration on immigration.
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National Accountability Bureau (NAB) spokesman Nawazish Ali confirmed that Zardari has been arrested, without giving details. Khan's predecessor, Nawaz Sharif, was removed from office by the Supreme Court over corruption allegations.
New character posters for 20th Century Fox's next X-Men film Dark Phoenix feature Sophie Turner , Michael Fassbender and more . Employing a similar strategy, A24's The Last Black Man in San Francisco also scored in seven locations with 230,744 dollars.
Watch the Ubisoft E3 2019 Press Conference Live Stream!
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