United Tech to sell power systems business for $400 million

• 12 years ago (2012-10-18)
• Junior Isles

Asia 892 Europe 1089 North America 1021

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United Technologies Corp. has agreed to sell its electric power systems business, inherited from Goodrich Corp., to French aerospace manufacturer Safran SA for $400 million.

The US Justice Department mandated the sale of the power systems business as a condition for clearing United Technologies’ $18.4 billion purchase of aerospace firm Goodrich.

United Technologies was additionally required by regulators to sell on its pump and engine controls business, and is currently in discussions with several buyers regarding the sale of the unit.

United Technologies said the sale of the electric power systems business to Safran is being reviewed by the European Union, China and the US before it can be confirmed and is expected to close in late 2012, early 2013.