UTC agrees to sell electric power systems business for $400mn

United Technologies Corp. (NYSE: UTX) announced it has reached an agreement to sell the former Goodrich Corp. 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 regulators as part of UTC's $18.4 billion acquisition of Goodrich Corp. Sale of a second unit, the legacy Goodrich pumps and engine controls business, is the subject of ongoing discussions with multiple prospective buyers.

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