Raytheon and United Technologies will join to create a massive aerospace and defense company in a sector that is already rapidly consolidating.
The combined company, which will count among its portfolio of weaponry the F-35 fighter jet engines, Patriot and Tomahawk missile systems in addition to space suits and intelligence technology as well as Pratt & Whitney engines used in both commercial and military aircraft, anticipates annual revenue of $74 billion if approved.
The combined company would be valued at well over $100 billion even after United Technologies completes the planned spin-off of a good chunk of its commercial, industrial wing. The deal is expected to close in the first half of 2020, after those assets are shed by United Technologies. The deal would push United Technologies further from the cyclical nature of its commercial businesses, and more deeply into the defense sector.
DeNardi also once saw Boeing as the likely buyer of Raytheon, but said it may have been hobbled by the grounding of its fleet of its 737 Max aircraft. Both executives said Monday that there is little overlap between the companies and that they do not anticipate pushback from anti-monopoly regulators.
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