Market Snapshot
  • U.S.
  • Europe
  • Asia
Ticker Volume Price Price Delta
DJIA 16,514.37 65.12 0.40%
S&P 500 1,879.55 7.66 0.41%
NASDAQ 4,161.46 39.91 0.97%
Ticker Volume Price Price Delta
STOXX 50 3,189.63 -10.06 -0.31%
FTSE 100 6,675.69 -6.07 -0.09%
DAX 9,581.19 -18.90 -0.20%
Ticker Volume Price Price Delta
NIKKEI 14,546.27 157.50 1.09%
TOPIX 1,173.81 11.31 0.97%
HANG SENG 22,509.64 -221.04 -0.97%

United Technologies to sell Pratt & Whitney Power Systems unit to Mitsubishi Heavy Industries



 United Technologies to sell Pratt & Whitney Power Systems unit to Mitsubishi
                               Heavy Industries

PR Newswire

EAST HARTFORD, Conn., Dec. 12, 2012

EAST HARTFORD, Conn., Dec. 12, 2012 /PRNewswire/ -- United Technologies Corp.
(NYSE: UTX) today announced it has reached agreement to sell its Pratt &
Whitney Power Systems unit, currently part of Pratt & Whitney, to Mitsubishi
Heavy Industries (MHI). Terms of the agreement were not disclosed and the
transaction is expected to close in the second quarter of 2013.

Divesting Power Systems allows UTC to focus on its core aerospace and
commercial businesses. The transaction is subject to customary closing
conditions, including regulatory approvals.

"We are pleased to announce Mitsubishi Heavy Industries' agreement to purchase
Pratt & Whitney Power Systems. It is a significant step in UTC's ongoing
portfolio transformation," said Pratt & Whitney President David Hess.  "Pratt
& Whitney Power Systems is a solid company with many talented employees, and
we are pleased to place it with a company that will provide it with the
resources and capabilities for future growth. We will remain focused on our
customers, providing them with superior products and services, and I know that
MHI will do the same."

Pratt & Whitney is a world leader in the design, manufacture and service of
aircraft engines, space propulsion systems and industrial gas turbines. United
Technologies, based in Hartford, Conn., is a diversified company providing
high technology products and services to the global aerospace and building
industries.

This release includes "forward looking statements" concerning a proposed
transaction, its financial and business impact, management's beliefs and
objectives with respect thereto, and management's current expectations for our
future operating and financial performance, 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 and of the combined companies. 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 transaction, the timing or consummation of the
proposed transaction, the ability of the parties to secure regulatory
approvals in a timely manner or on the terms desired or anticipated, and the
ability to realize opportunities for growth and innovation. 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 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.

UTC-IR

Bryan Kidder
Pratt & Whitney
860-502-9892
bryan.kidder@pw.utc.com

SOURCE Pratt & Whitney

Website: http://www.pratt-whitney.com
Sponsored Links
Advertisement
Advertisements
Sponsored Links
Advertisement