United Technologies announces termination of agreement to sell Pump and Engine Control Systems unit
HARTFORD, Conn. - 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.