United Technologies in $18bn deal for Goodrich
NEW YORK: United Technologies said Wednesday it reached a deal to buy aerospace maker Goodrich Corporation for $18.4 billion, including $1.9 billion in assumed debt.
The deal would give United Technologies, maker of Pratt & Whitney aircraft engines and Sikorsky helicopters, a major global supplier of systems and services to aerospace, defence and homeland security markets.
United Technologies expects to finance the transaction through a combination of debt and equity issuance.
The deal, subject to regulatory approval would give United Technologies global sales of $66 billion based on projected 2011 results.
"The combined company's increased scale, financial strength and complementary products will strengthen United Technologies' position in the aerospace and defence industry," a joint statement by the companies said.
"Goodrich delivers on all of our acquisition criteria. It is strategic to our core, has great technology and people, and strengthens our position in growth markets," said United Technologies chairman and chief Executive Louis Chenevert.
"This acquisition further strengthens our position in the growing commercial aerospace market and enhances our ability to support our customers with more integrated systems."
Copyright AFP (Agence France-Presse), 2011
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