The combined company will have approximately $74 billion in pro forma 2019 sales. With a strong balance sheet and robust cash generation, Raytheon Technologies will enjoy enhanced resources and financial flexibility to support significant R&D and capital investment through business cycles.

The combination excludes Otis and Carrier, which are expected to be separated from United Technologies in the first half of 2020 as previously announced.  Otis is the world's leading manufacturer of elevators, escalators and moving walkways. And Carrier is a global provider of HVAC, refrigeration, building automation, fire safety and security products with leadership positions across its portfolio. In 2017 Carrier achieved sales of $17.8 billion through the company's portfolio including industry-leading brands such as Carrier, Kidde, Edwards, LenelS2, Automated Logic, Interlogix and Chubb.

UTC has also appointed David L. Gitlin as president & chief executive officer of Carrier and Judith F. Marks as president & chief executive officer of Otis, effective immediately.

"I'm pleased to announce these most important assignments as we make strong progress toward our goal of establishing both Carrier and Otis as stand-alone public companies and clear leaders in their respective industries," said Greg Hayes, UTC chairman & CEO. "I have great confidence in Judy and Dave to drive strategic growth, lead their industries in innovation and customer focus, and maximize value creation for their respective shareowners, customers and employees."