July 23, 2012 – United Technologies is selling its engine
division unit to aerospace manufacturer GenCorp Inc. for US$550
million as the conglomerate raises money for its largest acquisition
and solidifies its core aerospace business.
UTC's Rocketdyne division, based in Canoga Park, California, will
nearly double GenCorp's size.
United Technologies, based in Hartford, Conn., said in March,
said that it would sell the company that it has owned for seven
years. The sale is expected to close in the first half of 2013,
United Technologies said.
United Technologies is selling off some of its businesses to
raise $3 billion to finance the acquisition of **>aerospace<** parts maker
Goodrich Corp. in Charlotte, North Carolina.
United Technologies Corp. also is selling a wind power company
and industrial businesses of its **>aerospace<** parts manufacturer
Hamilton Sundstrand. CEO Louis Chenevert has said that United
Technologies is looking at selling its fuel cell manufacturing
business.
Greg Hayes, chief financial officer at United Technologies, told
investor analysts in March that growth will be limited at Rocketdyne
because U.S. space policy has changed with the end of the shuttle
program last year.
Rocketdyne worked with pioneers such as Wernher von Braun and
contributing to propulsion on the Apollo spacecraft in the 1960s and
'70s that carried astronauts to the moon.
Visit thecanadianpress.com for more services from The Canadian Press, Canada's trusted news leader.
|
