Tags: United Tech to Buy Goodrich in 16.5 Billion Deal

United Tech to Buy Goodrich in $16.5 Billion Deal

Thursday, 22 Sep 2011 06:57 AM

United Technologies Corp. has reached a $16.5 billion cash deal to acquire aircraft components maker Goodrich Corp., in the diversified U.S. manufacturer's biggest deal in a decade.

United Tech said Wednesday it would pay $127.50 a share for Goodrich, a 47 percent premium over the stock's closing price last Thursday.

The deal, if completed, would be the diversified U.S. manufacturer's largest takeover in a decade. It also includes $1.9 billion in assumed debt.

It would boost United Tech's presence in the commercial aviation business, as Goodrich supplies a host of parts to both European aerospace conglomerate EADS's Airbus division and to Boeing Co.

It also supplies parts for Hartford, Connecticut-based United Tech's Pratt & Whitney jet engines and Hamilton Sundstrand's aircraft electronics.

It would be a big move for United Tech Chief Executive Louis Chenevert, who had long said he was interested in doing more deals but was having a hard time coming to terms with targets on price.

© 2017 Thomson/Reuters. All rights reserved.

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United Technologies Corp.has reached a $16.5 billion cash deal to acquire aircraft components maker Goodrich Corp., in the diversified U.S. manufacturer's biggest deal in a decade. United Tech said Wednesday it would pay $127.50 a share for Goodrich, a 47 percent premium...
United Tech to Buy Goodrich in 16.5 Billion Deal
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