United Technologies announces termination of agreement to sell Pump
and Engine Control Systems unit
HARTFORD, Conn., Dec. 6, 2012 /PRNewswire/ -- United Technologies
Corp. (NYSE: UTX) today announced that it has reached a mutual
agreement with TransDigm Group Incorporated (NYSE: TDG) to
terminate the previously announced sale of the Goodrich Corporation
pump and engine control systems business to TransDigm. The parties
terminated their agreement after being informed that the U.S.
Department of Justice objected to the transaction.
Sale of the pump and engine control systems unit is one of the
divestitures required by regulatory authorities as a condition of
UTC's acquisition of Goodrich Corporation. UTC intends to comply
with its obligation to sell this business to a buyer acceptable to
the U.S. Department of Justice and European Commission. Any
proposed transaction would be subject to regulatory approvals in
the U.S. and other jurisdictions and to other customary closing
conditions.
United Technologies Corp., based in Hartford, Conn., is a diversified company
providing high technology products and services to the building and
aerospace industries.
This release includes "forward looking statements" concerning a
proposed transaction 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 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 a proposed transaction, the timing of consummation of
the proposed transaction, 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 from time to time,
including its 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.
UTC-IR
Contact:
|
John
Moran
|
|
860-728-7062
|
|
www.utc.com
|
SOURCE United Technologies Corp.