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.

Read more mergers and acquisitions news

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...

Reduce Engineering Project Complexity

Engineering document management presents unique and complex challenges. A solution based in Enter...

Revolutionizing Asset Management in the Electric Power Industry

With the arrival of the Industrial Internet of Things, data is growing and becoming more accessib...