UTC-Raytheon merger to be final Friday

By CBJ News Staff

Raytheon and United Technologies Corp. will complete their merger this Friday after receiving all regulatory approvals needed, creating the new Raytheon Technologies Corp. that will trade under the ticker symbol RTX.

The last full day of trading in shares of Raytheon Company will be Thursday, and upon closing of the merger Friday, each share of Raytheon Company stock will be converted into the right to receive 2.3348 shares of Raytheon Technologies. The new stock will begin trading Friday.

The Collins Aerospace business of the new company will continue to operate in Iowa, however its military GPS business will be sold to BAE Systems.

“We are pleased to have received all the necessary regulatory approvals, which clears the way for the successful completion of our merger of equals,” Tom Kennedy, Raytheon Chairman and CEO, said in a news release. “We are more than just two businesses coming together – Raytheon Technologies will be uniquely positioned to deliver advanced and innovative solutions to our customers while delivering significant value to shareowners.”

The antitrust division of the U.S. Department of Justice filed a civil complaint and settlement with the federal courts on March 26 to address antitrust issues that could affect competitiveness in the marketplace. That required divestiture of the UTC military GPS business, as well at Raytheon’s military airborne radios business and certain space optics business units within each company.

Immediately before the closing of the merger, UTC will split off its Otis elevator and Carrier heating and cooling products businesses into separate publicly traded companies. Carrier will trade under the symbol CARR and OTIS will trade under the symbol OTIS on the New York Stock Exchange.