Israel's defense ministry on Wednesday said it has&nbsp;developed a new laser technology which will give its Iron Dome anti-missile system an edge.

"We are entering a new age of energy warfare in the air, land and sea. The R&amp;D investments made by the DDR&amp;D in the last years have placed the State of Israel among the leading countries in the field of high-energy laser systems," Brigadier General Yaniv Rotem the head of country's defense ministry's weapon administration said.

<a href="https://www.wionews.com/photos/islamic-jihad-announces-totally-palestinian-manufactured-boraq-120-262389">In Pics: How Islamic Jihad tried to blunt Israel’s Iron Dome with ‘indigenous’ Buraq 120 rockets</a>

The missile system jointly developed jointly by Rafael and Israel's Aerospace Industries and Raytheon&nbsp;has become the centrepiece of Israel's defensive strategy against Palestinian militants in Gaza.

The Iron Dome has the capability to carry 10 kg explosives and can intercept projectiles from a close distance of 4 to 70 km. The Israeli army has been using the missile interceptor since 2011.

<a href="https://www.wionews.com/photos/how-israels-iron-dome-missile-defence-system-blunts-rockets-from-gaza-261860">In Pics:&nbsp;How Israel's Iron Dome missile defence system blunts rockets from Gaza</a>

“Investments by the Defense Ministry in recent years have positioned Israel among the leading countries in high-power lasers,” Rotem pointed out.

The Israeli government has installed the Iron Dome system in cities as a ground-based installation used to shoot down short-range missiles.

Israel recently signed a deal with the Czech Republic to sell the radar system used in the Iron Dome missile system.

Last month, the Iron Dome intercepted several missiles fired by Islamic Jihad at Israel.

Israel's defense ministry on Wednesday said it has developed a new laser technology which will give its Iron Dome anti-missile system an edge. "We are entering a new age of energy warfare in the air, land and sea.

Israel's defense ministry on Wednesday said it has developed a new laser technology which will give its Iron Dome anti-missile system an edge. "We are entering a new age of energy warfare in the air, land and sea. The R&D investments made by the DDR&D in the last years have placed the State of Israel among the leading countries in the field of high-energy laser systems," Brigadier General Yaniv Rotem the head of country's defense ministry's weapon administration said. In Pics: How Islamic Jihad tried to blunt Israel’s Iron Dome with ‘indigenous’ Buraq 120 rockets The missile system jointly developed jointly by Rafael and Israel's Aerospace Industries and Raytheon has become the centrepiece of Israel's defensive strategy against Palestinian militants in Gaza. The Iron Dome has the capability to carry 10 kg explosives and can intercept projectiles from a close distance of 4 to 70 km. The Israeli army has been using the missile interceptor since 2011. In Pics: How Israel's Iron Dome missile defence system blunts rockets from Gaza “Investments by the Defense Ministry in recent years have positioned Israel among the leading countries in high-power lasers,” Rotem pointed out. The Israeli government has installed the Iron Dome system in cities as a ground-based installation used to shoot down short-range missiles. Israel recently signed a deal with the Czech Republic to sell the radar system used in the Iron Dome missile system. Last month, the Iron Dome intercepted several missiles fired by Islamic Jihad at Israel.

Israel develops new type of lasers to power Iron Dome missile system

Executives from <a href="https://www.wionews.com/business-economy/united-technologies-raytheon-to-create-120-billion-aerospace-and-defence-giant-225977">United Technologies and Raytheon</a> said Monday their merger would benefit the Pentagon and other customers but the proposed deal garnered immediate skepticism from President Donald Trump.

The two companies, which unveiled a "merger of equals" on Sunday, said combining would boost development of faster weapons systems, connected aircraft and other envelope-pushing products, while saving the Pentagon and other customers money.

But Trump, who has shown more willingness than past US presidents to haggle with defense contractors and interject himself into the private sector in general, emerged as a potential question mark, telling CNBC Monday that he was "concerned" by the merger.

"When I hear they're merging, does that take away more competition? It becomes one big fat beautiful company," he told CNBC.

"But I have to negotiate, meaning the United States has to buy things and does that make it less competitive? Because it's already non-competitive."

Moments after Trump's comments, United Technologies Chief Executive Gregory Hayes said on CNBC that the two companies currently have almost no overlap and that their combination would not dent competition.

"We are looking forward to talking to the president later today," Hayes said. "Once he understands the benefits of this merger and what it is going to do to reduce the costs of the government and what it's going to do for jobs in this country, I think he's going be supportive."

Technology race

The UTC merger with Raytheon would transform the two companies into a single conglomerate with varied but well-established brands, each in the top tier of its specialty. The two companies together would have about $74 billion in 2019 sales, according to the announcement.

Raytheon is best known for its Patriot air defense systems, which gained fame during the first Gulf War, and its Tomahawk cruise missiles, often the first weapons fired from US navy ships in recent conflicts.

UTC is a big player in the aeronautics industry with its Pratt &amp; Whitney engines, which are used in civil and military aircraft, including the F-35 multi-role stealth fighter, considered among the most advanced combat aircraft in the world.

Combing the companies will result in annual savings of $1 billion by year four, about half of which could go to the US government, the companies said.

Those savings are one reason the US Department of Defense "is going to really like this deal," Hayes told analysts on a conference call.

The companies' pitch also emphasized the upside in terms of technological breakthroughs through an $8 billion research and development budget, 60,000 engineers and 38,000 active patents.

Technology is no longer changing in "a linear fashion," Raytheon CEO Thomas Kennedy told analysts, saying the speed of change is "exponential" in many instances.

"We're starting to see significant increases in technology growth in multiple areas that affect our business," Kennedy said. "So we believe that we need to invest in technology and that capability."

Expertise from UTC's Pratt &amp; Whitney business on thermal management could have applications in Raytheon's defense products, while Raytheon's understanding of cybersecurity to boost commercial aviation, he added.

A note from Morningstar praised the deal, saying the "combined company will benefit from increased scale, complementary technology that plugs the gaps of each separate company's portfolios, and a portfolio that can offset a slowdown in either end market's spending growth."

Morningstar added it does not expect "any significant hurdles on the regulatory front, given that both firms have minimal overlap in terms of their underlying businesses."

A Credit Suisse note also alluded to "limited product overlap" but said the economic benefits of the deal "seem modest" and that the promised $1 billion in annual cost savings appear "somewhat questionable."

Shares of Raytheon rose 2.2 percent in late-morning trading to $189.97, while United Technologies lost 1.6 percent and was trading at $130.00.

Executives from United Technologies and Raytheon said Monday their merger would benefit the Pentagon and other customers but the proposed deal garnered immediate skepticism from President Donald Trump.

Executives from United Technologies and Raytheon said Monday their merger would benefit the Pentagon and other customers but the proposed deal garnered immediate skepticism from President Donald Trump. The two companies, which unveiled a "merger of equals" on Sunday, said combining would boost development of faster weapons systems, connected aircraft and other envelope-pushing products, while saving the Pentagon and other customers money. But Trump, who has shown more willingness than past US presidents to haggle with defense contractors and interject himself into the private sector in general, emerged as a potential question mark, telling CNBC Monday that he was "concerned" by the merger. "When I hear they're merging, does that take away more competition? It becomes one big fat beautiful company," he told CNBC. "But I have to negotiate, meaning the United States has to buy things and does that make it less competitive? Because it's already non-competitive." Moments after Trump's comments, United Technologies Chief Executive Gregory Hayes said on CNBC that the two companies currently have almost no overlap and that their combination would not dent competition. "We are looking forward to talking to the president later today," Hayes said. "Once he understands the benefits of this merger and what it is going to do to reduce the costs of the government and what it's going to do for jobs in this country, I think he's going be supportive." Technology race The UTC merger with Raytheon would transform the two companies into a single conglomerate with varied but well-established brands, each in the top tier of its specialty. The two companies together would have about $74 billion in 2019 sales, according to the announcement. Raytheon is best known for its Patriot air defense systems, which gained fame during the first Gulf War, and its Tomahawk cruise missiles, often the first weapons fired from US navy ships in recent conflicts. UTC is a big player in the aeronautics industry with its Pratt & Whitney engines, which are used in civil and military aircraft, including the F-35 multi-role stealth fighter, considered among the most advanced combat aircraft in the world. Combing the companies will result in annual savings of $1 billion by year four, about half of which could go to the US government, the companies said. Those savings are one reason the US Department of Defense "is going to really like this deal," Hayes told analysts on a conference call. The companies' pitch also emphasized the upside in terms of technological breakthroughs through an $8 billion research and development budget, 60,000 engineers and 38,000 active patents. Technology is no longer changing in "a linear fashion," Raytheon CEO Thomas Kennedy told analysts, saying the speed of change is "exponential" in many instances. "We're starting to see significant increases in technology growth in multiple areas that affect our business," Kennedy said. "So we believe that we need to invest in technology and that capability." Expertise from UTC's Pratt & Whitney business on thermal management could have applications in Raytheon's defense products, while Raytheon's understanding of cybersecurity to boost commercial aviation, he added. A note from Morningstar praised the deal, saying the "combined company will benefit from increased scale, complementary technology that plugs the gaps of each separate company's portfolios, and a portfolio that can offset a slowdown in either end market's spending growth." Morningstar added it does not expect "any significant hurdles on the regulatory front, given that both firms have minimal overlap in terms of their underlying businesses." A Credit Suisse note also alluded to "limited product overlap" but said the economic benefits of the deal "seem modest" and that the promised $1 billion in annual cost savings appear "somewhat questionable." Shares of Raytheon rose 2.2 percent in late-morning trading to $189.97, while United Technologies lost 1.6 percent and was trading at $130.00.

Big US defence merger touts tech, but Trump has questions

United Technologies Corp agreed on Sunday to combine its aerospace business with US contractor Raytheon Co and create a new company worth about $121 billion, in what would be the sector's biggest ever merger.

The deal would reshape the competitive landscape by forming a conglomerate which spans commercial aviation and defence procurement. United Technologies provides primarily commercial plane makers with electronics, communications and other equipment, whereas Raytheon mainly supplies the US government with military aircraft and missile equipment.

While United Technologies and Raytheon have some common customers, their business overlap is limited, an argument the companies plan to make once US antitrust regulators start scrutinising the merger.

However, the two major commercial aircraft makers, Boeing Co and Airbus SE, as well as the Pentagon, have been known to use their significant purchasing power to seek concessions from their suppliers and may not welcome a potential lessening in competition among them.

When United Technologies rebuffed an acquisition offer from Honeywell International Inc in 2016, United Technologies chief executive Greg Hayes justified the decision partly by predicting that Boeing and Airbus would never accept having a supplier that would "build the plane from tip to tail."

United Technologies has said it is on track to separate its Carrier air conditioning and Otis elevator businesses, leaving the company focused on its aerospace business through its $23 billion acquisition of <a href="https://www.wionews.com/business-economy/united-tech-to-buy-rockwell-collins-for-30-billion-combine-aerospace-operations-19883">Rockwell Collins</a>, which was completed in 2018, and the Pratt &amp; Whitney engines business.

Chinese authorities scrutinised the acquisition of airplane parts maker Rockwell Collins closely, given the companies' footprint in that country's market. This resulted in the deal closing in November 2018, as opposed to the targeted third quarter.

Trade tensions between the United States and China were blamed at least partly by analysts for that delay, but a source close to the deal said the companies did not expect this to be repeated because Raytheon does not do business in China.

Under the deal announced on Sunday, Raytheon shareholders will receive 2.3348 shares in the combined company for each Raytheon share. The merger is expected to result in more than $1 billion in cost synergies by the end of the fourth year, the companies said.

United Technologies shareholders will own about 57% of the combined business, called Raytheon Technologies Corporation, which will be led by Hayes. Raytheon shareholders will own the remaining stake, and Raytheon CEO Tom Kennedy will be named executive chairman. The companies negotiated the terms over several months, according to the source, who requested anonymity discussing the confidential deliberations.

The deal has been structured so that no shareholder of either company will receive a premium. United Technologies and Raytheon have market capitalisations of $114 billion and $52 billion, respectively.

The deal is expected to close in the first half of 2020.

The newly created company is expected to return between $18 billion and $20 billion of capital to shareholders in the first three years after the deal's completion, the companies said. The new company will also assume about $26 billion in net debt, they added.

Defence spending rise

Raytheon, maker of the Tomahawk and the Patriot missile systems, and other US military contractors are expected to benefit from strong global demand for fighter jets and munitions as well as higher US defence spending in fiscal 2020, much of it driven by US President Donald Trump's administration.

However, Pentagon spending is projected to slow down after an initial boost under Trump. A deal with United Technologies would allow Raytheon to expand into commercial aviation.

Conversely, United Technologies could benefit from reducing its exposure to commercial aerospace clients amid concerns that the rise of international trade protectionism will suppress economic growth and weigh on the flow of goods through air traffic.

The International Air Transport Association, which represents about 290 carriers accounting for more than 80% of global air traffic, cited these concerns earlier this month when it said the industry is expected to post a $28 billion profit in 2019, down from a December forecast of $35.5 billion.

The deal with Raytheon could put pressure on General Electric Co, which competes with United Technologies for commercial aerospace clients, to seek scale. It could also push other defence contractors, such as Lockheed Martin Corp, to explore expanding their commercial businesses.

Last year, military communication equipment providers Harris Corp and L3 Technologies Inc announced an all-stock merger that, once completed, will create the sixth-largest US defence contractor.

Morgan Stanley, Evercore Inc and Goldman Sachs Group Inc were financial advisers to United Technologies, while Wachtell, Lipton, Rosen &amp; Katz was its legal adviser. Citigroup Inc was a financial adviser to Raytheon, and RBC Capital Markets LLC provided a fairness opinion. Shearman &amp; Sterling LLP was the legal adviser to Raytheon

United Technologies Corp agreed on Sunday to combine its aerospace business with US contractor Raytheon Co and create a new company worth about $121 billion, in what would be the sector's biggest ever merger.

United Technologies Corp agreed on Sunday to combine its aerospace business with US contractor Raytheon Co and create a new company worth about $121 billion, in what would be the sector's biggest ever merger. The deal would reshape the competitive landscape by forming a conglomerate which spans commercial aviation and defence procurement. United Technologies provides primarily commercial plane makers with electronics, communications and other equipment, whereas Raytheon mainly supplies the US government with military aircraft and missile equipment. While United Technologies and Raytheon have some common customers, their business overlap is limited, an argument the companies plan to make once US antitrust regulators start scrutinising the merger. However, the two major commercial aircraft makers, Boeing Co and Airbus SE, as well as the Pentagon, have been known to use their significant purchasing power to seek concessions from their suppliers and may not welcome a potential lessening in competition among them. When United Technologies rebuffed an acquisition offer from Honeywell International Inc in 2016, United Technologies chief executive Greg Hayes justified the decision partly by predicting that Boeing and Airbus would never accept having a supplier that would "build the plane from tip to tail." United Technologies has said it is on track to separate its Carrier air conditioning and Otis elevator businesses, leaving the company focused on its aerospace business through its $23 billion acquisition of Rockwell Collins, which was completed in 2018, and the Pratt & Whitney engines business. Chinese authorities scrutinised the acquisition of airplane parts maker Rockwell Collins closely, given the companies' footprint in that country's market. This resulted in the deal closing in November 2018, as opposed to the targeted third quarter. Trade tensions between the United States and China were blamed at least partly by analysts for that delay, but a source close to the deal said the companies did not expect this to be repeated because Raytheon does not do business in China. Under the deal announced on Sunday, Raytheon shareholders will receive 2.3348 shares in the combined company for each Raytheon share. The merger is expected to result in more than $1 billion in cost synergies by the end of the fourth year, the companies said. United Technologies shareholders will own about 57% of the combined business, called Raytheon Technologies Corporation, which will be led by Hayes. Raytheon shareholders will own the remaining stake, and Raytheon CEO Tom Kennedy will be named executive chairman. The companies negotiated the terms over several months, according to the source, who requested anonymity discussing the confidential deliberations. The deal has been structured so that no shareholder of either company will receive a premium. United Technologies and Raytheon have market capitalisations of $114 billion and $52 billion, respectively. The deal is expected to close in the first half of 2020. The newly created company is expected to return between $18 billion and $20 billion of capital to shareholders in the first three years after the deal's completion, the companies said. The new company will also assume about $26 billion in net debt, they added. Defence spending rise Raytheon, maker of the Tomahawk and the Patriot missile systems, and other US military contractors are expected to benefit from strong global demand for fighter jets and munitions as well as higher US defence spending in fiscal 2020, much of it driven by US President Donald Trump's administration. However, Pentagon spending is projected to slow down after an initial boost under Trump. A deal with United Technologies would allow Raytheon to expand into commercial aviation. Conversely, United Technologies could benefit from reducing its exposure to commercial aerospace clients amid concerns that the rise of international trade protectionism will suppress economic growth and weigh on the flow of goods through air traffic. The International Air Transport Association, which represents about 290 carriers accounting for more than 80% of global air traffic, cited these concerns earlier this month when it said the industry is expected to post a $28 billion profit in 2019, down from a December forecast of $35.5 billion. The deal with Raytheon could put pressure on General Electric Co, which competes with United Technologies for commercial aerospace clients, to seek scale. It could also push other defence contractors, such as Lockheed Martin Corp, to explore expanding their commercial businesses. Last year, military communication equipment providers Harris Corp and L3 Technologies Inc announced an all-stock merger that, once completed, will create the sixth-largest US defence contractor. Morgan Stanley, Evercore Inc and Goldman Sachs Group Inc were financial advisers to United Technologies, while Wachtell, Lipton, Rosen & Katz was its legal adviser. Citigroup Inc was a financial adviser to Raytheon, and RBC Capital Markets LLC provided a fairness opinion. Shearman & Sterling LLP was the legal adviser to Raytheon

United Technologies, Raytheon to create $120 billion aerospace and defence giant

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Israel develops new type of lasers to power Iron Dome missile system

Big US defence merger touts tech, but Trump has questions

United Technologies, Raytheon to create $120 billion aerospace and defence giant