U.S., June 11 -- Defence contractor Raytheon and aerospace giant United Technologies Corporation (UTC) have announced a plan to combine the two companies.

The resulting company is to be named Raytheon Technologies Corporation, and would become the world's second largest aerospace-and-defence company by sales, behind only Boeing. The companies said in their press release that the combination would allow them to use advanced technologies to address growing segments of both the aerospace and defence industries. The cultures of the two companies were described as complementary owing to the performance-based nature of both.

"Today is an exciting and transformational day for our companies, and one that brings with it tremendous opportunity fo...