DOD Sees No Major Overlap in UTC-Raytheon Merger

Date : 06/17/2019 @ 11:01AM
Source : Dow Jones News
Stock : United Technologies Corp. (UTX)
Quote : 132.39  1.09 (0.83%) @ 12:59AM

DOD Sees No Major Overlap in UTC-Raytheon Merger

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   By Robert Wall 
 

The Pentagon has no major concern about the merger of United Technologies Corp. merger plan with Raytheon Co., but is still reviewing the deal, the Defense Department's top weapons buyer said Monday.

"We are looking at the deal," said Ellen Lord, the under secretary of defense for acquisition and sustainment said in an interview. But, she added, "we don't see a tremendous amount of overlap. "

"I'm a believer in letting free markets play," she said in an interview at the Paris Air Show.

Ms. Lord's predecessor had signaled he would oppose a merger proposal among the top five Pentagon prime contractors. However, Ms. Lord said: "I am not going to dictate to the primes what they should and should not do."

Each deal would be reviewed on its unique merits, she added.

Ms. Lord has launched an effort for the Pentagon to more closely scrutinize deals when they emerge. When a deal is announced, she said she is seeking from across the Department of Defense detailed feedback on the overlap and possible constraints a deal may create.

"We want a dynamic industrial base where we have a great diversity of companies," Ms. Lord said.

 

Write to Robert Wall at robert.wall@wsj.com

 

(END) Dow Jones Newswires

June 17, 2019 05:46 ET (09:46 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.

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