United Technologies to sell Electric Power Systems unit
HARTFORD, Conn., Oct. 16, 2012
HARTFORD, Conn., Oct. 16, 2012 /PRNewswire/ --United Technologies Corp.
(NYSE: UTX) today announced it has reached agreement to sell theformer
Goodrich Corporation electric power systems business to Safran for $400
million. The transaction is subject to regulatory approvals, including in
China, the U.S. and the European Union. Closing is expected late in 2012 or
early in 2013.
Sale of the electric power systems unit was one of the divestitures required
by regulatory authorities as a condition of UTC's acquisition of Goodrich
Corporation. Sale of a second unit, the legacy Goodrich pumps and engine
controls business, is the subject of ongoing discussions with multiple
United Technologies Corp., based in Hartford, Connecticut, is a diversified
company providing high technology products and services to the building and
This release includes "forward looking statements" concerning several proposed
transactions, their anticipated financial and business impact, and
management's beliefs and objectives with respect thereto, based on assumptions
currently believed to be valid. Forward-looking statements can be identified
by the use of words such as "believe," "expect," "expectations," "plans,"
"strategy," "prospects," "estimate," "project," "target," "anticipate,"
"will," "should," "see," "guidance," "confident" and other words of similar
meaning in connection with a discussion of future operating or financial
performance. It is uncertain whether the events anticipated will transpire, or
if they do occur what impact they will have on the results of operations and
financial condition of UTC. These forward looking statements involve
significant risks and uncertainties that could cause actual results to differ
materially from those anticipated, including but not limited to the ability of
the parties to satisfy the conditions precedent and consummate the proposed
transactions, the timing of consummation of the proposed transactions, and the
ability of the parties to secure regulatory approvals in a timely manner or on
the terms desired or anticipated. Other important economic, political,
regulatory, legal, technological, competitive and other uncertainties are
identified in the SEC filings submitted by UTC and Goodrich from time to time,
including their respective Quarterly Reports on Form 10-Q, Annual Reports on
Form 10-K, and Current Reports on Form 8-K. The forward looking statements
included in this press release are made only as of the date hereof. UTC does
not undertake any obligation to update the forward looking statements to
reflect subsequent events or circumstances.
Contact: John Moran, UTC
SOURCE United Technologies Corp.
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