A Connecticut company will acquire the largest employer in Cedar Rapids in what several sources call the biggest aerospace deal in history, the Cedar Rapids Gazette reported

United Technologies Corp. announced Monday evening it will acquire Rockwell Collins for $23 billion, before debt. Including the assumption of Rockwell’s debt, the acquisition is valued at $30 billion, according to a news release.

The deal will combine two players in the nation’s aerospace industry. Rockwell makes avionics technology, such as radar systems and touchscreen cockpit displays. A recently acquired a company manufactures interior products, such as airline seats. The Pratt & Whitney division of United Technologies, meanwhile, makes aircraft engines and other parts.

The resulting aircraft-parts giant will be better positioned to withstand the squeeze from planemakers Boeing Co. and Airbus SE for pricing discounts and higher output, Bloomberg reported

Once complete, Rockwell and a segment of United Technologies, UTC Aerospace Systems, will combine into a new division named Collins Aerospace Systems.

Rockwell Chief Executive Officer, President and Chairman Kelly Ortberg will be the chief executive of Collins Aerospace Systems.

It was not immediately clear how the acquisition would affect Rockwell employees or Cedar Rapids’ status as the company’s headquarters. Rockwell has about 8,000 employees in the city.