Industryweek 2620 United Goodrich
Industryweek 2620 United Goodrich
Industryweek 2620 United Goodrich
Industryweek 2620 United Goodrich
Industryweek 2620 United Goodrich

EU Clears Goodrich Buy-Out

July 26, 2012
United Technology's $18.4 billion bid approved... but with a few conditions attached.

The European Union's antitrust watchdog Thursday approved United Technology Corp.'s (IW 500/24) $18.4-billion bid to take over Goodrich Corp. (IW 500/125), both U.S. aerospace firms, but set conditions.

A European Commission statement said approval was "conditional upon the divestment of Goodrich's businesses in electrical power generation (AC) and in engine controls for small engines."

"It is also subject to Rolls Royce (IW 1000/229) being granted an option to acquire Goodrich's lean burn fuel nozzle R&D project."

The statement followed a commission probe over potential competition concerns in the markets for engine controls and power generators.

Under the deal, UTC, maker of Pratt & Whitney aircraft engines and Sikorsky helicopters, would acquire a major global supplier of systems and services to aerospace, defense and homeland security markets.

"The aviation equipment industry is already concentrated and is characterized by high barriers to entry," said EU Competition Commissioner Joaquin Almunia in March.

"We need to make sure that competition is preserved and incentives to innovate remain. We must also prevent a rise in input prices for aircraft and engine manufacturers as well as other aviation equipment suppliers."

Copyright  Agence France-Presse, 2012

Popular Sponsored Recommendations

Empowering the Modern Workforce: The Power of Connected Worker Technologies

March 1, 2024
Explore real-world strategies to boost worker safety, collaboration, training, and productivity in manufacturing. Emphasizing Industry 4.0, we'll discuss digitalization and automation...

3 Best Practices to Create a Product-Centric Competitive Advantage with PRO.FILE PLM

Jan. 25, 2024
Gain insight on best practices and strategies you need to accelerate engineering change management and reduce time to market. Register now for your opportunity to accelerate your...

Transformative Capabilities for XaaS Models in Manufacturing

Feb. 14, 2024
The manufacturing sector is undergoing a pivotal shift toward "servitization," or enhancing product offerings with services and embracing a subscription model. This transition...

Shifting Your Business from Products to Service-Based Business Models: Generating Predictable Revenues

Oct. 27, 2023
Executive summary on a recent IndustryWeek-hosted webinar sponsored by SAP

Voice your opinion!

To join the conversation, and become an exclusive member of IndustryWeek, create an account today!