Defense giant Raytheon has the green-light to grow in Arizona. Shareholders of the biggest employer in southern Arizona, defense giant Raytheon have approved a merger with United Technologies Corporation that will create a defense-aerospace behemoth.
United Technologies’ aerospace businesses are comprised of Collins Aerospace and Pratt & Whitney.
Tucson-based Raytheon Missile Systems employs more than 13,000 people. If federal regulators approve, the $120 billion dollar deal is expected to close in the first half of 2020.
The transaction is subject to closing conditions, including receipt of required regulatory approvals, and United Technologies final separation of its Otis and Carrier businesses.
"I am pleased that the shareowners of Raytheon and UTC voted in favor of our powerful strategic combination," Tom Kennedy, Raytheon Chairman and CEO said in a statement. "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."