US-based defence contractor company, Raytheon, and multinational conglomerate, United Technologies Corporation (UTC), expect to close their merger prior to the opening of trading on the New York Stock Exchange (NYSE) on Friday 3 April 2020, the distribution date for United Technologies' spinoffs of Carrier and Otis.
Upon the closing of the merger, United Technologies will be renamed Raytheon Technologies Corporation, and its common stock will trade on the NYSE under the ticker symbol 'RTX'. The last full day of trading in the shares of Raytheon Company is expected to be Thursday, 2 April 2020, and upon the closing of the merger on Friday, each share of Raytheon Company common stock will be converted into the right to receive 2.3348 Raytheon Technologies shares. The first day of trading for Raytheon Technologies shares is expected to be Friday (3 April 2020).
“We are pleased to have received all the necessary regulatory approvals, which clears the way for the successful completion of our merger of equals,” said Raytheon Chairman and CEO, Tom Kennedy. “We are more than just two businesses coming together – Raytheon Technologies will be uniquely positioned to deliver advanced and innovative solutions to our customers while delivering significant value to shareowners.”
“We are excited about the future of Raytheon Technologies,” said Greg Hayes, United Technologies Chairman and CEO. “I am exceptionally proud to lead this new organisation and the talented people who serve our nation, its allies and our commercial aerospace customers so well.
“I also want to thank both the Raytheon and UTC teams who have worked tirelessly to complete the merger and integration work and to stand up both Carrier and Otis as independent public companies, creating three world class organisations,” he said.
The regulatory process requires the divestitures of Raytheon's military airborne radios business and United Technologies' military Global Positioning System (GPS) and Space Optical Systems businesses, which are all expected to be completed following the merger.
Immediately prior to the closing of the merger, United Technologies will effect the separations of its Otis and Carrier businesses into separate publicly-traded companies. Carrier will trade under the ticker symbol 'CARR' on the NYSE and Otis will trade under the ticker symbol 'OTIS' on the NYSE.
December last year, UTC named Carrier's Board appointments.
(Image: UTC Chairman and CEO, Greg Hayes.)