United Technologies to sell Electric Power Systems unit
HARTFORD, Conn., Oct. 16, 2012 /PRNewswire/ -- United Technologies Corp. (NYSE: UTX) today announced it has reached agreement to sell the former 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 prospective buyers.
United Technologies Corp., based in Hartford, Connecticut, is a diversified company providing high technology products and services to the building and aerospace industries.
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.
John Moran, UTC
SOURCE United Technologies Corp.