Tag Archives: UTC

United Technologies Corp. (NYSE: UTX) and Raytheon (NYSE: RTN) have set the closure date of their all-stock merger for Friday, April 3, after securing all the regulatory clearances needed to close the transaction. According to a joint statement, the combined company will operate as Raytheon Technologies and trade under the “RTX” ticker symbol on the New York Stock Exchange.

The Department of Justice has given United Technologies Corp. (NYSE: UTX) and Raytheon (NYSE: RTN) an antitrust approval to proceed with their proposed merger through an all-stock transaction, Reuters reported Friday. A DOJ notice posted Thursday says the approval comes with a proposed settlement that requires both companies to divest to a U.S. approved-buyer Raytheon’s airborne tactical radios business and UTC’s military GPS business and its large space-based optical systems unit to maintain competition.

United Technologies Corp.'s (NYSE: UTX) Pratt & Whitney subsidiary has received a $193.8M contract from the U.S. Navy to obtain long lead materials needed to build lot 15 F-35 propulsion systems.

James Taiclet, a board member at Lockheed Martin (NYSE: LMT), has been elected by the board of directors to succeed Marillyn Hewson as president and CEO, effective June 15. Hewson, who has served as president and CEO since 2013 and a 2020 Wash100 award winner, will transition to the role of executive chairman of the board by mid-June, Lockheed said Monday.

The European Commission approved United Technologies Corp.’s (NYSE: UTX) planned $121B merger with Raytheon (NYSE: RTN), Reuters reported Friday.

The board of directors of United Technologies Corp. (NYSE: UTX) approved the spinoffs of its Carrier and Otis subsidiaries into two independent companies and expects to complete the separations on April 3. "Executing the separations of Carrier and Otis is also a major milestone to completing the merger of UTC's aerospace businesses with Raytheon to create Raytheon Technologies,” Greg Hayes, chairman and CEO of UTC, said in a statement published Wedneday.

Qualcomm (Nasdaq: QCOM) CEO Steve Mollenkopf and Akhil Johri, former chief financial officer and executive vice president of United Technologies Corp. (NYSE: UTX), have been nominated to serve on the board of Boeing (NYSE: BA).

Stephen Timm, president of the avionics business unit at United Technologies Corp.’s (NYSE: UTX) Collins Aerospace subsidiary, has been named president of the subsidiary. He will succeed Kelly Ortberg, who has been appointed special adviser to the office of the CEO as UTC and Raytheon (NYSE: RTN) move ahead with their merger to form Raytheon Technologies, UTC said Friday.

A new PwC report says the value of mergers and acquisitions in the aerospace and defense sector worldwide reached $93.8B in 2019, reflecting a 62 percent increase from the previous year.

Raytheon (NYSE: RTN) paid $588M to acquire Vista Equity Partners' minority interest in their cybersecurity joint venture Forcepoint during the fourth quarter of 2019.