WALTHAM, Mass. — Raytheon and United Technologies will join to create a massive aerospace and defense company in a sector that already is rapidly consolidating.

The combined company, which will count among its portfolio of weaponry the F-35 fighter jet engines, Patriot and Tomahawk missile systems in addition to space suits and intelligence technology as well as Pratt & Whitney engines used in both commercial and military aircraft, anticipates annual revenue of $74 billion if approved.

That means it still trails Boeing Co. in heft, but the deal may give the soon to be renamed Raytheon Technologies Corp. leverage with suppliers and contractors over other heavyweights in the industry like Lockheed Martin Corp. and Northrop Grumman Corp.

Costs for the company eventually could be trimmed by $1 billion each year as it strips away duplicative functions.

The combined company would be valued at well over $100 billion even after United Technologies completes the planned spin-off of a good chunk of its commercial, industrial wing. The deal is expected to close in the first half of 2020, after those assets are shed by United Technologies.

“The combination of United Technologies and Raytheon will define the future of aerospace and defense,” said Greg Hayes, United Technologies chairman and CEO, who will become the CEO of the combined company.

The companies will push to develop new technologies more quickly with combined R&D spending of $8 billion annually and more than 60,000 engineers. Raytheon Technologies will focus on hypersonics — vehicles or weapons which can fly five times faster than the speed of sound — as well as intelligence and surveillance systems, artificial intelligence for commercial aviation and cybersecurity for connected planes.