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United Technologies and Raytheon Complete Merger of Equals Transaction

- Creates the world's most advanced aerospace and defense systems provider

- Serves customers worldwide through a platform-agnostic, diversified portfolio of industry-leading businesses

- Expects to introduce breakthrough technologies at an accelerated pace across high-value areas of commercial aerospace and defense

PR Newswire

WALTHAM, Mass., April 3, 2020

WALTHAM, Mass., April 3, 2020 /PRNewswire/ -- Raytheon Technologies Corporation (NYSE: RTX) announced the successful completion of the all-stock merger of equals transaction between Raytheon Company and United Technologies Corporation on April 3, 2020, following the completion by United Technologies of its previously announced spin-offs of its Carrier and Otis businesses. Headquartered in Waltham, Mass., Raytheon Technologies is one of the largest aerospace and defense companies in the world with approximately $74 billion in pro forma 2019 net sales and a global team of 195,000 employees, including 60,000 engineers and scientists.

Raytheon Company (NYSE:RTN) shares ceased trading prior to the market open on April 3, 2020, and each share of Raytheon common stock has been converted in the merger into the right to receive 2.3348 shares of United Technologies common stock (previously traded on the NYSE under the ticker symbol "UTX"). Upon closing of the merger, United Technologies' name has changed to "Raytheon Technologies Corporation," and its shares of common stock will begin trading today on the NYSE under the ticker symbol "RTX." United Technologies shareowners will continue to hold their shares of United Technologies common stock, which now constitute shares of common stock of Raytheon Technologies Corporation.

Raytheon Technologies has a large, talented workforce to address the rapidly evolving needs of customers globally. The combined company expects to introduce breakthrough technologies at an accelerated pace across high-value areas such as hypersonics, directed energy, avionics and cybersecurity. In addition, Raytheon Technologies has a strong balance sheet and cash flows to support critical business initiatives, including company and customer-funded R&D.

"Raytheon Technologies brings together two companies with combined strengths and capabilities that make us uniquely equipped to support our customers and partners during this unprecedented time. We will also play our part in the war on the COVID-19 pandemic, including doing everything we can to keep our employees around the globe safe and well," said Greg Hayes, CEO of Raytheon Technologies. "As we move forward, Raytheon Technologies will define the future of aerospace and defense through our focus on innovation, our world-class people and our financial and operational strength to create long-term value for our customers and shareowners."

"Today, we introduce Raytheon Technologies as an innovation powerhouse that will deliver advanced technologies that push the boundaries of known science," said Tom Kennedy, Executive Chairman of Raytheon Technologies. "Our platform-agnostic, diversified portfolio brings together the best of commercial and military technology, enabling the creation of new opportunities across aerospace and defense for decades to come."

Structure and Leadership
Raytheon Technologies has four market-leading segments focused on high-priority areas for customers. (Note: 2019 net sales are prior to intercompany eliminations)

 

Collins Aerospace Systems specializes in aerostructures, avionics, interiors, mechanical systems, mission systems and power controls that serve customers across the commercial, regional, business aviation and military sectors. The segment is led by President Stephen Timm, headquartered in Charlotte, North Carolina, with approximately $26 billion in 2019 net sales.

 

 

Pratt & Whitney designs, manufactures and services the world's most advanced aircraft engines and auxiliary power systems for commercial, military and business aircraft. The segment is led by President Chris Calio, headquartered in East Hartford, Connecticut, with approximately $21 billion in 2019 net sales.

 

 

Raytheon Intelligence & Space specializes in developing advanced sensors, training, and cyber and software solutions — delivering the disruptive technologies its customers need to succeed in any domain, against any challenge. The segment is led by President Roy Azevedo, headquartered in Arlington, Virginia, with approximately $15 billion in pro forma 2019 net sales.

 

 

Raytheon Missiles & Defense provides the industry's most advanced end-to-end solutions to detect, track and engage threats. The segment is led by President Wes Kremer, headquartered in Tucson, Arizona, with approximately $16 billion in pro forma 2019 net sales.

 

Raytheon Technologies' executive leadership team is comprised of Tom Kennedy, Executive Chairman, Greg Hayes, Chief Executive Officer, and Toby O'Brien, Chief Financial Officer. Additional leadership biographies are available on the company's website.

Raytheon Technologies Investor Call
Raytheon Technologies intends to hold an investor call to discuss United Technologies and Raytheon Q1 results on May 7, 2020 at 8:30am. The call details will be provided prior to the results announcement, and the call will be webcast on the Raytheon Technologies investor relations website.

About Raytheon Technologies
Raytheon Technologies Corporation is an aerospace and defense company that provides advanced systems and services for commercial, military and government customers worldwide. It comprises four industry-leading businesses – Collins Aerospace Systems, Pratt & Whitney, Raytheon Intelligence & Space and Raytheon Missiles & Defense. Its 195,000 employees enable the company to operate at the edge of known science as they imagine and deliver solutions that push the boundaries in quantum physics, electric propulsion, directed energy, hypersonics, avionics and cybersecurity. The company, formed through the combination of Raytheon Company and the United Technologies Corporation aerospace businesses, is headquartered in Waltham, Massachusetts.

Raytheon Technologies Contacts

 

   

Media Relations

Michele Quintaglie

860.493.4363

Investor Relations

Kelsey DeBriyn

781.522.5141

       

 

Copyright (c) 2020 PR Newswire Association,LLC. All Rights Reserved.

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RTX News: Raytheon Intelligence & Space and C3.ai Form Alliance to Accelerate Military AI Adoption 11/30/2020 09:00:00 AM
RTX News: Statement of Changes in Beneficial Ownership (4) 11/17/2020 05:06:49 PM
RTX News: Statement of Changes in Beneficial Ownership (4) 11/17/2020 05:06:37 PM
RTX News: Missile Defense Agency completes unprecedented homeland defense test 11/17/2020 03:07:00 AM
RTX News: Amended Statement of Changes in Beneficial Ownership (4/a) 11/12/2020 05:30:18 PM
PostSubject
#418   $rtx $72.99 ^ 3.23 (4.63%) Taurus69 11/23/20 04:47:22 PM
#417   Raytheon Quarterly Dividends for Past Decade bar1080 11/10/20 08:34:54 PM
#416   $rtx $67.6 ^ 2.61 (4.02%) Taurus69 11/10/20 04:56:59 PM
#415   $rtx $57.5 ^ 1.75 (3.14%) Taurus69 11/03/20 10:47:32 PM
#414   $rtx $54.33 ^ 1.19 (2.24%) Taurus69 10/30/20 09:17:16 PM
#413   DOW pretty much is left with banks and I-Man 10/30/20 07:06:30 AM
#412   I can't believe how they are beating this I-Man 10/30/20 07:02:45 AM
#411   Finland to buy 64 F-35 fighter jets worth $12.5B Watts Watt 10/12/20 06:31:17 PM
#410   Good, those stocks are dinosaurs. They may Dell_Griffith 10/10/20 11:07:34 AM
#409   Raytheon will go screaming thru the roof once Watts Watt 10/08/20 12:30:32 PM
#408   https://www.rtx.com/News/News-Center/2020/09/08/raytheon-technologies-president- Watts Watt 10/07/20 10:08:07 AM
#407   $rtx $59.01 ^ 1.55 (2.70%) Taurus69 10/03/20 02:11:33 PM
#406   Check out our YouTube video doing a deep CMDFundamenntal 09/29/20 05:35:52 PM
#405   Well done! I've been holding my Carrier and Panzer 09/16/20 12:32:18 AM
#404   $rtx $61.44 v -0.53 (-0.86%) Taurus69 09/15/20 10:47:08 PM
#403   Best move I ever made rolling over my Alpha611 09/14/20 10:17:59 PM
#402   $rtx $60.88 ^ 0.02 (0.03%) Taurus69 09/05/20 02:38:10 AM
#401   $rtx $60.52 v -0.48 (-0.79%) Taurus69 09/01/20 10:40:11 PM
#400   What was CMBC and what Dow stocks are "sinthetic?" bar1080 08/26/20 11:19:20 AM
#399   Today's DOW loaded with tech, banks, and sinthetic I-Man 08/26/20 07:04:28 AM
#398   Unfkngreal RTX dropped as well as Exxon and I-Man 08/25/20 04:26:18 PM
#397   So where does RTX go? GM5 08/25/20 09:57:07 AM
#396   RTX dropped from Dow bar1080 08/25/20 09:02:46 AM
#395   $rtx $62.36 ^ 0.26 (0.42%) Taurus69 08/19/20 11:48:19 AM
#394   $rtx $62.8 ^ 0.03 (0.05%) Taurus69 08/18/20 07:53:32 AM
#393   I know you are Bar, and that is I-Man 08/17/20 05:28:51 PM
#392   I'm a retired lawyer. I certainly wouldn't want bar1080 08/17/20 09:13:53 AM
#391   Good chart. I am not in Carrier. Might I-Man 08/17/20 08:03:44 AM
#390   Spinoff Carrier Global Corp which came out on bar1080 08/17/20 07:57:59 AM
#389   LOL funny. I sold RTX and it has I-Man 08/17/20 07:37:23 AM
#388   So, are you buying RTX, or just sticking bar1080 08/14/20 11:34:11 AM
#387   Place RTX 1 year chart on top CLF I-Man 08/14/20 07:45:02 AM
#386   I know Raytheon. I was to work with I-Man 08/14/20 06:25:24 AM
#385   Both RTX spinoff boards are now running, Carrier bar1080 08/13/20 02:34:49 PM
#384   So how do YOU know about it? RTX bar1080 08/13/20 02:32:31 PM
#383   Watching this a while and see they got I-Man 08/13/20 02:21:29 PM
#382   Just sent this to IHUB Admin: bar1080 08/10/20 12:36:07 PM
#381   $rtx $61.27 ^ 1.4 (2.34%) Taurus69 08/08/20 02:33:29 PM
#380   $rtx $57.7 ^ 0.19 (0.33%) Taurus69 08/04/20 10:51:38 PM
#379   The long duration and severity of it all Butchmass 08/01/20 04:57:11 PM
#378   $rtx $56.68 v -0.78 (-1.36%) Taurus69 07/31/20 09:28:40 PM
#377   Apparently not enough fung_derf 07/31/20 10:11:03 AM
#376   "Jumped into commercial sector" Explain. I'm not aware bar1080 07/31/20 09:37:59 AM
#375   And yet down she goes..... they jumped into buby89 07/31/20 09:27:42 AM
#374   "Raytheon Technologies (RTX) beats – The defense contractor bar1080 07/31/20 08:57:16 AM
#373   $rtx $57.85 v -1.55 (-2.61%) Taurus69 07/30/20 02:42:25 PM
#372   I almost bought some RTX recently. Glad I waited. fung_derf 07/30/20 12:48:59 PM
#371   Raytheon continues to lag while spinoffs Carrier and bar1080 07/30/20 09:10:24 AM
#370   $RTX / #RaytheonTech Trade Setup TFMG 07/29/20 01:02:03 PM
#369   $rtx $61.0 v -0.09 (-0.15%) Taurus69 07/28/20 06:28:04 PM
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