Greg Hayes, chairman and CEO of United Technologies Corp. (NYSE: UTX), said UTC hopes to close its potential $120B merger with Raytheon (NYSE: RTN) by early April and has begun planning for the integration of the two companies, the Hartford Business Journal reported Tuesday.
“We're already working a detailed list of items to generate the billion dollars of gross cost synergies that we're targeting for the transaction," Hayes said Tuesday in an earnings call. "I also remain very excited about the technology synergies that will result from the combination.”
Hayes said Otis Elevator and Carrier subsidiaries were officially separated from UTC’s corporate structure, effective Jan. 1, and both businesses are on track to finalize their spinoffs by the second quarter. He added that the spinoffs are “substantially complete from an operations standpoint.”
UTC reported $5.5B in profits for full-year 2019, up 5 percent from the previous year. The company’s net sales rose 8 percent to $19.5B during the fourth quarter of 2019.