Raytheon Company and United Technologies Corp. announced Friday that respective special meetings of shareowners voted to approve a merger of the two.
The “merger of equals” combines United Technologies' aerospace businesses, comprised of Collins Aerospace and Pratt & Whitney, with Raytheon. The merger would create Raytheon Technologies Corporation, a systems provider with advanced technologies to address rapidly growing segments within aerospace and defense.
The transaction is expected to close in the first half of 2020, subject to the satisfaction of customary closing conditions, including receipt of required regulatory approvals, as well as completion by United Technologies of the separation of its Otis and Carrier businesses.
Raytheon has extensive operations in East Camden’s Highland Business Park.
“I am pleased that the shareowners of Raytheon and UTC voted in favor of our powerful strategic combination," said Tom Kennedy, Raytheon Chairman and CEO. "Today's vote reflects a significant step on our path to unite two world-class companies with complementary technologies and supports our view that this merger of equals will create additional growth opportunities while delivering benefits to our shareowners, customers and employees."
"Today is an important milestone in our transformational merger, which will define the future of aerospace and defense. With our technological and R&D capabilities, Raytheon Technologies will deliver innovative and cost-effective solutions aligned with the highest customer priorities for decades to come," said Greg Hayes, United Technologies Chairman and CEO.
The final vote results on the proposals voted on at the special meetings will be set forth in separate filings with the Securities and Exchange Commission.
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