FARMINGTON, CT (WFSB) – A merger of United Technologies Aerospace and Raytheon has been approved, according to published reports.
Shareholders backed the creation of one of the world's largest aerospace companies on Friday morning.
They voted in favor of combining the two companies to the tune of $135 billion.
The companies announced back in June that they came to an agreement to combine in an all-stock merger of equals.
Raytheon is a leading defense company and Farmington-based UTC is a leading aerospace company. Together, they said they will offer a complementary portfolio of aerospace and defense technologies.
The combined company will be called Raytheon Technologies Corporation and will offer expanded technology and R&D capabilities to deliver innovative and cost-effective solutions.
UTC is comprised of Collins Aerospace and Pratt & Whitney.
Otis and Carrier are expected to be separated from UTC in the first half of 2020.
Raytheon Technologies Corporation will be headquartered in the greater Boston metro area and will retain a corporate presence in existing locations.
However, UTC promised to maintain a "strong presence" in Connecticut.