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U.S. President Donald Trump "gave the impression" he is in favor of the proposed merger between United Technologies Corporation (NYSE:UTX) and Raytheon Company (NYSE:RTN) but has some concerns related to competition, CNBC's Jim Cramer said Monday morning.
What Happened
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The proposed merger between United Technologies and Raytheon will likely directly benefit the federal government through reduced costs and improved technology, United Technologies CEO Greg Hayes told Cramer. His counterpart at Raytheon, CEO Thomas Kennedy, said the companies are "complementary" and not competitive.
"I don't remember the last time we competed against United Technologies," he said. "We do partner with them."
Why It's Important
As soon as Trump understands the rationale behind the merger, he will understand how the new entity will be able to not only generate more jobs but make the country "more secure," Kennedy said.
The merger will see Raytheon combine $8 billion in research and development spend with its 60,000 engineers to develop the "next level technologies" needed to create "next generation franchises," Kennedy said. The company will then leverage its larger size in the global market to win new contracts that will help support more job creation back home.
Raytheon's stock traded about 1.4 percent higher to $188.55 per share Monday afternoon, while United Technologies traded lower by 2.2 percent at $129.20 per share.
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Photo credit: David Monniaux, Wikimedia
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.