Publicado: Mier, Junio 12, 2019
Financiera | Por Marilu Caballero

What a Raytheon merger could mean for Tucson

What a Raytheon merger could mean for Tucson

The chief executive of United Technologies Corp said in a television interview that merging with Raytheon Co did not require approval from China, removing one possible hurdle from the creation of the proposed conglomerate.

In the lucrative aerospace and defense industry, the top two companies are Boeing and Lockheed Martin.

"Fortunately, we don't need to get Chinese approval that need to approve this deal", Greg Hayes said in an interview with Bloomberg Television, adding that there were fewer countries involved than there were during United Technologies' acquisition of Rockwell Collins past year. And Hayes said during Monday's call that the combined company would be in a position to "immediately address" research and development priorities in those areas. Media reports indicate UTC shareholders will control 53 percent of the combined company while Raytheon's will hang on to the remaining 47 percent.

Eventually, the companies expect the merger will cut $1 billion in costs annually, half of which will be returned to customers.

United Technologies shareholders will own about 57 per cent of the combined business, called Raytheon Technologies Corporation, which will be led by Hayes. United Technologies, comprised of Collins Aerospace and Pratt & Whitney, operates UTC Aerospace in Foley.

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And both city and county officials say as the companies come together, they'll want to meet with the new company's leaders to learn what they plan for the future. United's list of accomplishments range from transmitting the first photo via satellite to receiving the first Global Positioning System signal. In the post-war era, the company specialized in missile guidance technologies and consumer products such as refrigerators, air conditioners and microwave ovens. It also includes the trailblazing legacy of Hughes Aircraft, which it acquired in 1997.

The newly created company is expected to return between $18 billion and $20 billion of capital to shareholders in the first three years after the deal's completion, the companies said. But the pair have already unveiled a website touting their merger.

Waltham-based Raytheon was founded in 1922 and makes missile and cyber security systems.

In 2014, the state came to an agreement with UTC that allowed the company to access up to $400 million in research and development tax credits in return for a commitment to keep Pratt & Whitney headquartered in CT for 15 years and Sikorsky - which UTC has sold to Lockheed Martin - headquartered in the state for five years. "With our enhanced capabilities, we will deliver value to our customers by anticipating and addressing their most complex challenges, while delivering significant value to shareowners".

The surprise deal, announced on Sunday, will create the world's second largest aero-and-defense company by sales behind Boeing Co and allow Raytheon to expand into commercial aviation while reducing United Technologies' dependence on aerospace.

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