United Technologies to Buy Goodrich for $18 Billion

Sept. 22, 2011
Deal would give United Technologies global sale of $66 billion.

United Technologies on Sept. 22 said it reached a deal to buy aerospace maker Goodrich Corp. for $18.4 billion, including $1.9 billion in assumed debt.

United Technologies expects to finance the transaction through a combination of debt and equity issuance.

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, defense and homeland security markets.

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 defense industry," 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 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 Agence France-Presse, 2011

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