The leader of the Connecticut-based United Technologies say they will form a new company called Collins Aerospace Systems after the company completes the purchase of Rockwell Collins in Cedar Rapids for $30 billion.
United Technologies CEO Greg Hayes says the combination will allow for more innovation and lower costs. “I think bringing these companies together will add a lot of value, not just to our customers but to all the stakeholders-our employees and our communities across the globe,”Hayes says.
Rockwell Collins CEO Kelly Ortberg will be the CEO of the new, combined company. He says the timing is “perfect” for the companies to come together.
“With our software and connected aircraft capabilities and the broad UTC portfolio we see great opportunities to deliver more value to the customers for next-generation aircraft,” according to Ortberg. Hayes says it’ll take up to a year to close the deal. Rockwell Collins employs more than 9,000 Iowans.
A decision hasn’t been made on a location for the new company’s headquarters.
Thanks to Katarina Sostaric, Iowa Public Radio