This “merger of equals” will create new opportunities for growth across the company and aligns directly with our strategy to focus on top-line growth and global market expansion. The combined company is expected to be the world’s preeminent aerospace and defense systems supplier, ranking in the top 50 of the Fortune 500, with annual revenues of approximately $74 billion and over 180,000 employees worldwide. They will join Collins Aerospace and Pratt & Whitney as the four primary business units of Raytheon Technologies. The new businesses, which will be comprised of an IDS/RMS and IIS/SAS/Forcepoint consolidation, will be renamed Integrated Defense & Missile Systems and Intelligence, Space & Airborne Systems, respectively. Upon completion of the merger, we will consolidate our four business units, consisting of Integrated Defense Systems (IDS), Intelligence, Information and Services (IIS), Raytheon Missile Systems (RMS), Space and Airborne Systems (SAS) and Forcepoint, into two businesses. We expect the merger to be completed in the first half of 2020, subject to approval by the shareholders of each company, receipt of required regulatory approvals and satisfaction of other customary closing conditions, as well as completion by UTC of the separation of its Carrier and Otis businesses. We will be headquartered in the greater Boston-metro area and will maintain a corporate presence at current company locations. The leadership teams of both companies will be consolidated and combined, and announced in the coming months. The Board of Directors of the combined company will consist of 15 of the existing directors of Raytheon and UTC, including Greg Hayes and myself. I will assume the role of Executive Chairman of the combined company and Greg Hayes, the current Chairman and CEO of UTC, will serve as the CEO of the combined company, once the transaction is closed. As UTC previously announced, its Carrier and Otis business units will be separated from the company prior to closing and will not be a part of our merger. Its Collins Aerospace and Pratt & Whitney business units have over $45 billion in annual revenue and employ about 115,000 employees at more than 400 locations in 50 countries around the world. UTC provides advanced technologies and services to the aerospace and defense industry that are highly complementary to our existing business. This merger of equals will create a leading aerospace and defense systems supplier with a diversified technologies portfolio able to meet the growing capabilities demand from our global customer base.
The combined company will be called Raytheon Technologies Corporation. This afternoon, we announced that Raytheon will merge with United Technologies Corporation (UTC). Today is an exciting day for our company and one that brings with it tremendous opportunity for our future success.
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