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The all-stock merger of equals transaction between Raytheon Company and United Technologies Corporation (UTC) was formally completed on 3 April 2020. The newly-minted merged company, Raytheon Technologies Corporation, began trading on the New York Stock Exchange on Friday.
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Headquartered in Waltham (Massachusetts), Raytheon Technologies is one of the largest aerospace and defence companies in the world. It employs 195,000 staff globally, of which 60,000 are engineers and scientists.
Raytheon Company shares ceased trading prior to the market open on 3 April 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 was changed to 'Raytheon Technologies Corporation'.
"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, chief executive of Raytheon Technologies.
"As we move forward, Raytheon Technologies will define the future of aerospace and defence 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."
Tom Kennedy, executive chairman of Raytheon Technologies, said, "Today, we introduce Raytheon Technologies as an innovation powerhouse that will deliver advanced technologies that push the boundaries of known science.
"Our platform-agnostic, diversified portfolio brings together the best of commercial and military technology, enabling the creation of new opportunities across aerospace and defence for decades to come."
Raytheon Technologies boasts a large number of subsidiaries and business units, including:
