UTX United Technologies Corporation

By Doug Cameron 

Shareholders backed the creation of one of the world's largest aerospace companies on Friday, voting in favor of the $135 billion combination of United Technologies Corp. and Raytheon Co.

The merger plan announced in June overcame initial opposition from some activists and other investors skeptical about combining two companies with different growth paths in the defense and commercial-aerospace businesses.

The companies won around investors in a record year for industry consolidation, arguing the combination could address changing defense priorities and budget pressures, as well as a potential end to the multiyear supercycle in orders for Airbus SE and Boeing Co. jetliners.

Raytheon Technologies, as the enlarged company will be known, aims to counter the challenges with the breadth of its offerings. Its Pratt & Whitney engines power Airbus jetliners, Lockheed Martin F-35 combat aircraft and the Boeing KC-46 tanker. Raytheon is focused on fast-growing areas such as hypersonic missiles and laser weapons and defenses.

(END) Dow Jones Newswires

October 11, 2019 10:01 ET (14:01 GMT)

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