Greg Hayes: UTC Eyes Raytheon Merger Completion in April

Jeff Brody
Greg Hayes

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.

You may also be interested in...

Brandon Wales Acting Director CISA

Brandon Wales: CISA’s New Campaign Aims to Help Public, Private Sectors Defend Against Ransomware

The Cybersecurity and Infrastructure Security Agency has launched a campaign to promote the use of cybersecurity tools and best practices to increase ransomware threat awareness across the public and private sectors.

The White House

President Biden Issues COVID-19 Data Collection Order

President Joe Biden has ordered federal agencies to work with the government's COVID-19 response coordinator in efforts to collect, publish and share pandemic-related data and address disinformation or misinformation campaigns regarding the public health crisis.