United Technologies to sell pump unit for $236M
HARTFORD, Conn. (AP) — United Technologies Corp. said Thursday that it has made a deal to sell the pump and engine control systems units that it got as part of its purchase of Goodrich.
The business is being bought by aircraft parts maker TransDigm Group Inc., which said it is paying $236 million in cash.
The companies said the deal needs regulatory approval and is expected to close late this year or early in 2013.
Goodrich Pump & Engine Control Systems is based in West Hartford, Conn., and makes highly engineered aerospace fuel systems for business jets, helicopters, and military and commercial planes. The company is expected to have 2012 revenue of about $195 million, TransDigm said.
United Technologies said the sale was one of the divestitures required by regulators when it bought Goodrich in July. Earlier this month United Technologies said it had agreed to sell the electric power systems business it inherited from Goodrich Corp. for $400 million to Safran SA, a French aerospace manufacturer.
Shares of Hartford-based United Technologies fell 63 cents to close at $77.28. Cleveland-based TransDigm's shares rose $3.52, or 2.7 percent, to close at $134.94.