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: Philips loses $467M patent suit to US competitor

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

Germany's Rocket Internet has lukewarm IPO

3 hours ago

Germany's ambitious start-up platform Rocket Internet made its high-profile arrival on the Frankfurt stock market on Thursday but got off to a disappointing start as shares slumped in morning trading.

Samsung China supplier sues US labor watchdog

4 hours ago

A Chinese supplier of Samsung Electronics Co. filed a lawsuit accusing a New York City-based labor watchdog of spreading false rumors of child labor, but the labor group says it has evidence to back up its report.

The New York Times to cut 100 newsroom jobs

20 hours ago

The New York Times Co. says it is cutting about 100 newsroom jobs through buyouts and layoffs in an effort to trim costs and focus more on its digital efforts.

User comments : 0