Tom Kennedy, the chief executive of Raytheon, first approached Greg Hayes, the CEO of United Technologies, about the possibility of a merger in 2018. Speaking to analysts during a call this morning, Kennedy said the idea came after Hayes announced he was considering separating UTC's Carrier and Otis businesses. The remaining company, Kennedy said he realized, would look a lot like Raytheon in its structure. It would be a platform-agnostic business with some key franchises and the possibility to pursue...
