UTC Scales Back Size Of Stock Offering To Fund Goodrich Purchase
HARTFORD, Conn. (AP) _ The CEO of United Technologies Corp. says the industrial conglomerate is scaling back the amount of stock to be issued to finance its $16.4 billion purchase of aerospace supplier Goodrich Corp.
It also raised its 2012 profit guidance to $5.40 to $5.60 per share from $5.30 to $5.50 a share.
Chief executive Louis Chenevert told analysts and shareholders at a conference Thursday that the company expects to issue $2 billion or less in stock, down from $4 billion that executives said could be issued.
United Technologies, based in Hartford, Conn., makes jet engines, aerospace parts and other components. It has said it’s reluctant to issue shares and was looking for alternatives that could include selling noncore businesses.
(Copyright 2012 by The Associated Press. All Rights Reserved.)