United Technologies merger settlement approved

May 29, 2013 by Frederic J. Frommer

(AP)—A federal judge has approved a settlement in which United Technologies Corp. will sell some of its assets as part of its $18.4 billion purchase of aerospace-parts maker Goodrich Corp., the largest merger in aircraft industry history.

The settlement between Hartford, Conn., -based United Technologies and the Justice Department was approved Wednesday by U.S. Ketanji Brown Jackson.

Assets to be sold include those used in the production of electrical power systems and aircraft engine control systems.

Last year, the Justice Department had said the merger, as first structured, would combine the only two significant suppliers of large main engine generators for aircraft in the world—resulting in higher prices, less favorable contractual terms and less innovation for several aircraft components.

Explore further: Ex-Apple chief plans mobile phone for India

not rated yet
add to favorites email to friend print save as pdf

Related Stories

United Tech to sell units to BC, Carlyle for $3.5B

Jul 26, 2012

(AP) — United Technologies Corp. said Wednesday that is selling three industrial-products businesses for $3.46 billion as it seeks to fund its proposed acquisition of aerospace-parts maker Goodrich Corp.

United Technologies CEO sees sequester impact

Feb 21, 2013

(AP)—The chief executive of United Technologies expects automatic federal budget cuts will take effect in eight days, cutting slightly into earnings of the aerospace giant.

Recommended for you

Chinese tech giant Alibaba set to make a splash with US IPO

2 hours ago

The largest tech IPO of the year will come from a company that many Americans have never heard of. Alibaba Group - a Chinese e-commerce behemoth - has decided to go public in the U.S. after months of speculation that it would ...

Ex-Apple chief plans mobile phone for India

Apr 19, 2014

Former Apple chief executive John Sculley, whose marketing skills helped bring the personal computer to desktops worldwide, says he plans to launch a mobile phone in India to exploit its still largely untapped ...

Airbnb rental site raises $450 mn

Apr 19, 2014

Online lodging listings website Airbnb inked a $450 million funding deal with investors led by TPG, a source close to the matter said Friday.

User comments : 0

More news stories

Growing app industry has developers racing to keep up

Smartphone application developers say they are challenged by the glut of apps as well as the need to update their software to keep up with evolving phone technology, making creative pricing strategies essential to finding ...

Making graphene in your kitchen

Graphene has been touted as a wonder material—the world's thinnest substance, but super-strong. Now scientists say it is so easy to make you could produce some in your kitchen.