Investors Approve UTC-Raytheon Merger
October 11 2019 - 10:16AM
Dow Jones News
By Doug Cameron
Shareholders backed the creation of one of the world's largest
aerospace companies on Friday, voting in favor of the $135 billion
combination of United Technologies Corp. and Raytheon Co.
The merger plan announced in June overcame initial opposition
from some activists and other investors skeptical about combining
two companies with different growth paths in the defense and
commercial-aerospace businesses.
The companies won around investors in a record year for industry
consolidation, arguing the combination could address changing
defense priorities and budget pressures, as well as a potential end
to the multiyear supercycle in orders for Airbus SE and Boeing Co.
jetliners.
Raytheon Technologies, as the enlarged company will be known,
aims to counter the challenges with the breadth of its offerings.
Its Pratt & Whitney engines power Airbus jetliners, Lockheed
Martin F-35 combat aircraft and the Boeing KC-46 tanker. Raytheon
is focused on fast-growing areas such as hypersonic missiles and
laser weapons and defenses.
(END) Dow Jones Newswires
October 11, 2019 10:01 ET (14:01 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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