Bloomberg News

United Technologies Offers Remedies to EU Over Goodrich Deal

June 11, 2012

United Technologies Corp. (UTX:US), which makes Sikorsky helicopters and Pratt & Whitney jet engines, offered concessions to European Union regulators in their review of its $16.5 billion bid for Goodrich Corp. (GR:US)

The European Commission said the companies offered remedies to soothe possible antitrust concerns over the deal, according to a filing on its website today. It didn’t give details of the offer and didn’t change an Aug. 31 deadline to rule on the deal.

United Technologies agreed to buy Goodrich in September, adding a maker of aircraft landing gear and jet-turbine casings to take advantage of a record surge in commercial plane orders.

“All regulatory filings are on track and we continue to anticipate timing of close in line with what we have previously commented,” John Moran, a spokesman for Hartford, Connecticut- based United Technologies, said in an e-mail. He declined to comment on what the companies had offered regulators to alleviate any antitrust concerns.

Goodrich didn’t respond to an e-mail seeking comment on the antitrust remedies outside of normal business hours.

Louis Chenevert, the company’s chief executive officer, said last month that United Technologies plans to close the deal as soon as mid-July.

The purchase has an enterprise value of $18.4 billion, including $1.9 billion in net debt, the companies said in a statement when they announced the deal.

To contact the reporter on this story: Aoife White in Brussels at awhite62@bloomberg.net.

To contact the editor responsible for this story: Christopher Scinta at cscinta@bloomberg.net


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Companies Mentioned

  • UTX
    (United Technologies Corp)
    • $109.73 USD
    • -1.13
    • -1.03%
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