The recently announced merger by United Technologies and Raytheon is expected to bring a wealth of new jobs to the Boston area. As part of the merger, the newly created aerospace giant – to be called Raytheon Technologies – will have its headquarters in Waltham, which is part of the Boston metropolitan region. Raytheon is currently headquartered there, while United Technologies is in Connecticut. The merger is expected to create a variety of jobs including data analytics jobs and new jobs in applied economics. Boston College Woods College of Advancing Studies offers master’s degrees and certificate programs in both of those areas, and many more. Completing a graduate-level program can turn professionals into attractive candidates for data analytics and economics jobs in the aerospace industry.
Details of the Merger
The two companies announced the deal in June 2019. The news came after United Technologies had already spun off its Otis Business Unit (elevators) and Carrier Business Unit (HVAC).
The newly merged company is expected to challenge Airbus as the second-largest company in aerospace, behind only Boeing. United Technologies also announced that it would keep and combine two of the company’s subsidiaries: Rockwell Collins, which provides avionics and information technology systems to government agencies and aircraft manufacturers, and aircraft engine manufacturer Pratt & Whitney.
The combined company is expected to generate about $80 billion in sales in 2020, according to Forbes and craft an “all-stock deal that would create a giant evenly balanced between civil aerospace and defense that may be better positioned to handle cost pressures and uncertain prospects in both sectors.” The merger requires shareholder and regulatory approval and is expected to be completed in the second half of 2020.
The two companies were already powerhouses separately. United Technologies, through its various units, develops everything from avionics, to jet engines, and power plants for F-35 fighters. Raytheon products include missile defense systems, sensors for planes, submarines and satellites and cybersecurity systems.
The Impact on Boston
United Technologies employs about 240,000 people, according to the company. While that includes people who work at different locations around the country, it seems fair to predict an influx of jobs coming to the Boston area.
Massachusetts Gov. Charlie Baker told reporters that he had spoken with people from Raytheon about the deal. They told him that part of the reason for choosing the Boston area is “the reputation of the people in Massachusetts, their work ethic, their creativity, their imagination and, frankly, the tremendous pool of really talented STEM, both students and people who currently work in the field.”
In Hartford, Conn., the Hartford Courant wrote about the loss of jobs in the area with the move. They underscored the need for educated workers, admitting that “the jobs are there, but the trained workers are not.” They blamed having fewer students to train as part of the issue – a problem that the Boston area is not experiencing.
Training for Data Analytics Jobs and Other Newly Created Jobs
For those in the Boston area interested in preparing themselves for jobs at the newly created conglomerate, Boston College Woods College of Advancing Studies offers highly sought-after programs that help you stand out. For example, the school offers a certificate in data analytics that provides graduates with expertise in advanced data analysis, predictive analytics, and big data econometrics, among other areas. A Master’s of Science in Applied Economics can also prepare graduates for positions in the aerospace and information technology industries, giving them the latest skills in applying innovative technology and data analysis to solving business challenges.
The Raytheon Technologies deal is another success for the Boston area and another opportunity for workers in the metro area. Boston is already a Top 10 city for the employment of economists and data scientists, according to the federal government. With this new merger, the trend will likely continue.