United Technologies Wins China Approval for Goodrich Takeover
United Technologies Corp. (UTX) won Chinese regulatory approval for its $16.5 billion acquisition of Goodrich Corp., pending the sale of units making electrical parts for planes.
The maker of Sikorsky helicopters and Pratt & Whitney jet engines would have to shed operations in England and Ohio, as well as a stake in Aerolec, a venture with Thales SA (HO), China’s commerce ministry said in a statement on its website today. United Technologies will have at least six months to sell the units, the ministry said.
Hartford, Connecticut-based United Technologies also this week offered unidentified concessions to European Union regulators to ease approval for the deal, as it seeks to add a maker of aircraft landing gear and jet-turbine casings. The acquisition should close next month, Chief Financial Officer Greg Hayes said yesterday at a conference in Chicago.
--Alexandra Ho. Editors: Neil Denslow, Dave McCombs
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