UTC to sell electric power business to Safran for $400MM

Source: United Technologies Corp.

United Technologies Corp. (NYSE: UTX) has reached an agreement to sell the former Goodrich Corporation 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 regulatory authorities as a condition of UTC’s acquisition of Goodrich Corporation. Sale of a second unit, the legacy Goodrich pumps and engine controls business, is the subject of ongoing discussions with multiple prospective buyers.

United Technologies Corp., based in Hartford, Connecticut, is a diversified company providing high technology products and services to the building and aerospace industries.

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