United Technologies announces termination of agreement to sell Pump and Engine
Control Systems unit
HARTFORD, Conn., Dec. 6, 2012
HARTFORD, Conn., Dec. 6, 2012 /PRNewswire/ -- United Technologies Corp. (NYSE:
UTX) today announced that it has reached a mutual agreement with TransDigm
Group Incorporated (NYSE: TDG) to terminate the previously announced sale of
the Goodrich Corporation pump and engine control systems business to
TransDigm. The parties terminated their agreement after being informed that
the U.S. Department of Justice objected to the transaction.
Sale of the pump and engine control systems unit is one of the divestitures
required by regulatory authorities as a condition of UTC's acquisition of
Goodrich Corporation. UTC intends to comply with its obligation to sell this
business to a buyer acceptable to the U.S. Department of Justice and European
Commission. Any proposed transaction would be subject to regulatory approvals
in the U.S. and other jurisdictions and to other customary closing conditions.
United Technologies Corp., based in Hartford, Conn., is a diversified company
providing high technology products and services to the building and aerospace
This release includes "forward looking statements" concerning a proposed
transaction 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 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 a proposed transaction, the timing of consummation of the proposed
transaction, 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 from time to
time, including its 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
SOURCE United Technologies Corp.
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