On April 3, the merged enterprise of Raytheon and United Technologies begins trading of shares, minus legacy non-aerospace and non-defense properties. The entity, called Raytheon Technologies, will be an electronics and propulsion powerhouse, ranked number-one or number-two in virtually all of its addressed markets. CEOs Tom Kennedy and Greg Hayes have been telling the Street since last June that the combination will define the future of defense and aerospace. They’re right, but in order to grasp why analysts need to understand the five core features of Raytheon Technologies. Those features are scale, focus, depth, diversity and resilience. I have written a commentary for Forbes here that concisely lays out the logic of what will be the second-biggest aerospace and defense enterprise in the world.
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