United Technologies, Raytheon To Close Friday On $135 Billion Merger

United Technologies Corp. and Raytheon Co. are set to merge Friday morning, after the $135 billion deal received all necessary regulatory approvals across the globe.The new Raytheon Technologies Corp. will be formed before the opening of trading Friday on the New York Stock Exchange, and it will begin trading that day under the ticker symbol RTX, the companies announced Monday.UTC is the parent company of Collins Aerospace, which employs more than 10,000 people in Cedar Rapids, Coralville, Decorah, Bellevue and Manchester.UTC’s Otis elevator and Carrier air-conditioner businesses will be spun off Friday and begin trading as independent companies, under the respective ticker symbols OTIS and CARR.The formation of Raytheon Technologies will mark the culmination of nearly two years of work on the aerospace and defense merger, which had been worked on since early summer 2018 and was announced in June 2019.The new corporation headquarters will be in the Boston area.“I am exceptionally proud to lead this new organization and the talented people who serve our nation, its allies and our commercial aerospace customers so well,” said Greg Hayes, chairman and CEO of UTC, in a news release.