Despite an imminent move of its headquarters to the Boston, Massachusetts area United Technologies CEO Greg Hayes told FOX Business that perceptions for leaving Connecticut over high taxes are “patently false.”
“The rational for this was as a merger of equals we make compromises. We make compromises on the name. We make compromises on the board composition. We make compromises on headquarters location,” he told Maria Bartiromo on Wednesday adding that it will remain a “big, big base,” for the company.
“Moving from Connecticut to Massachusetts, it’s not like you’re going from high-cost to low-cost. The fact is we think there’s a huge talent base up in [Massachusetts], in the Boston Area that will help us in the long term in terms of recruiting talent but this is not about Connecticut being a bad place to invest or a bad place to be,” he explained.
Raytheon and United Technologies announced plans to merge in an all-stock deal, that they call a merger of equals, creating a company named Raytheon Technologies Corporation that is expected to have $74 billion in sales annually.
Raytheon produces defense technologies and Tomahawk missiles, and United Technologies makes Pratt & Whitney engines, which power the Airbus A320neo, Airbus A220-100 and -300 series as well as the F-35 fighter jet.
Pratt & Whitney is currently headquartered in Connecticut.
Fox Business' Matthew Kazin contributed to this report.