FARMINGTON, CT — On Sunday it was announced that the state's largest employer, United Technologies Corp., and Raytheon Company agreed to a massive merger that is expected to be formally announced on Monday.

UTC's headquarters are based in Farmington, CT, and the company employs nearly 20,000 people in the state at Collins Aerospace and Pratt & Whitney. In a press release announcing the merger, both companies said the new company, Raytheon Technologies, will be headquartered in the greater Boston metro area. The merger still requires regulatory approvals, the approval of Raytheon and United Technologies shareholders, as well as completion by United Technologies of the separation of its Otis and Carrier businesses. The transaction is expected to close in the first half of 2020.

Gov. Ned Lamont late Sunday released the following statement regarding United Technologies Corporation (UTC) and its future in Connecticut. Lamont confirms that about 100 people will be relocating from Connecticut to the new headquarters which is planned in Massachusetts.

"UTC and its subsidiaries, including Pratt & Whitney, Otis Elevator, and Collins Aerospace, continue to be an important part of Connecticut's fabric. It's important to note that nearly all of UTC's 19,000 employees will remain in Connecticut, with roughly 100 moving to the new headquarters.

"I've spoken directly with Greg Hayes and made it clear that Connecticut will always be open should things change, as they often do. This serves as reminder that we live in an increasingly competitive economy, domestically and internationally. As such, it's critical we invest in education, workforce development, and our transportation infrastructure to stay competitive. "Our economic development team, led by Jim Smith, Indra Nooyi, and David Lehman, is already aggressively shifting their business development strategy, including redesigning the Connecticut Economic Resource Center to match the speed and flexibility necessary to compete and succeed in the 21st century economy and job market. We will continue to market our state as a fantastic place to live, work, and locate a business," Lamont said in a news release.

Particulars of the deal

Both companies have entered into an agreement to combine in an all-stock merger of equals. The merger of Raytheon, a leading defense company, and United Technologies, a leading aerospace company, comprising Collins Aerospace and Pratt & Whitney, will offer a complementary portfolio of platform-agnostic aerospace and defense technologies, the news release states.

The combined company, which will be named Raytheon Technologies Corporation, will offer expanded technology and R&D capabilities to deliver "innovative and cost-effective solutions aligned with customer priorities and the national defense strategies of the U.S. and its allies and friends." The combination excludes Otis and Carrier, which are expected to be separated from United Technologies in the first half of 2020 as previously announced.