Winter storm watch: The National Weather Service has posted a Winter Storm Watch for Wednesday morning through Thursday morning.  Stay with WTIC NewsTalk 1080 for the latest forecast, and for traffic problems resulting from the weather. Read More

Local News

UTC Selling Some Businesses To Help Pay For Goodrich Purchase

View Comments
Louis Chenevert (File: Epsilon/Getty Images News)

Louis Chenevert (File: Epsilon/Getty Images News)

HARTFORD, Conn. (AP) _ United Technologies say it’s selling its rocket engine and wind power businesses to help finance its $16.5 billion purchase of aerospace supplier Goodrich Corp.

The Hartford, Conn.-based industrial conglomerate said Thursday that it will sell Pratt & Whitney Rocketdyne, Clipper Windpower and three businesses of its Hamilton Sundstrand aerospace components manufacturer. It expects to raise $3 billion from the sales.

CEO Louis Chenevert  said the company is reevaluating its portfolio in light of the deal to buy Charlotte, N.C.-based Goodrich, and subsidiary Pratt & Whitney’s $1.5 billion purchase of Rolls-Royce’s stake in a joint venture that makes Airbus engines.

United Technologies, the parent company of Otis Elevator, Sikorksy Aircraft and other businesses, bought Clipper Windpower, a wind turbine manufacturer, in 2010. It’s owned Rocketdyne for seven years.

(Copyright 2012 by The Associated Press.  All Rights Reserved.)

View Comments
blog comments powered by Disqus
Follow

Get every new post delivered to your Inbox.

Join 880 other followers