WALTHAM, Mass. (AP) — Raytheon Co. and United Technologies Corp. are merging in a deal that creates one of the world's largest defense companies.

The merger, announced Sunday, will close in the first half of 2020 after United Technologies completes the separation of its Otis and Carrier businesses. Raytheon shareholders will receive 2.33 shares in the new company for each Raytheon share.

The combined company, named Raytheon Technologies, will be based near Boston. United Technologies' current Chairman and CEO Greg Hayes will be its CEO. Raytheon chief Tom Kennedy will be its executive chairman.

Waltham-based Raytheon was founded in 1922 and makes missile and cybersecurity systems. Connecticut-based United Technologies was founded in 1934 and serves the aerospace and building sectors.

The combined companies will have total sales of approximately $74 billion this year.

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This story has been corrected to show that revenue of the combined companies will be $74 billion, not million.