FORT WAYNE, Ind. (WOWO): A U.S. defense contractor with a Fort Wayne location has merged with the company behind Carrier.

Raytheon will merge with United Technologies in an “all-stock” deal that will not include United Technologies’ Carrier brand of air conditioner technology, nor its Otis elevator company, which are both being spun off, according to the Journal Gazette.

Executives from both companies tell the paper they wanted to create a “leading aerospace technology company” through the deal, which makes Raytheon the second-biggest aerospace company in the United States, behind Boeing.

The new company will employ more than 60,000 people and will invest $8-billion a year into research and development.