TUCSON, Ariz. (KOLD News 13) - Raytheon will be merging with United Technologies Corp aerospace business to create a new company estimated to be worth more than $120 billion, according to Reuters.
The deal, agreed upon on Sunday, will form an aviation and defense equipment conglomerate.
Raytheon is known to supply the government with military aircraft and missile equipment, while United Technologies specializes in commercial plane makers.
The merge is estimated to result in more than $1 billion in cost synergies by the end of the fourth year.
KOLD News reached out to Raytheon’s media team for additional information, but were told “no comment” on the matter.