The companies also said they planned to shed 10% of the combined work force, or about 8,800 jobs, after the deal closes.
The combined business, to be based in
The new company would have annual sales of $25 billion and would generate annualized pre-tax savings of $1.7 billion within three years, the companies said, according to the report.
Just over half the savings would come from job eliminations, with the rest by consolidating purchasing, research and development and support services such as sales and marketing, the report said.