Raytheon Co. and United Technologies Corp. shareholders have overwhelmingly voted for all the proposals needed to merge United’s aerospace businesses with Raytheon to create Raytheon Technologies Corp.
The “merger of equals” transaction will combine Collins Aerospace and Pratt & Whitney — United’s aerospace businesses — with Raytheon. The deal is expected to close in the first half of 2020.
“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.”
The vote results of the individual shareholder meetings will be available in each organization’s separate Form 8-Ks filed with the SEC after the results are certified by each company’s inspector of elections.
“Today is an important milestone in our transformational merger, which will define the future of aerospace and defense,” said Greg Hayes, United Technologies chairman and CEO. “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.”