United Technologies finish business negotiations with Goodrich
The sale of Goodrich to United Technologies has nearly been completed.
Business negotiations have been completed between United Technologies (UTC) and the Goodrich Corporation that will see the former takeover the latter.
Merger and acquisition consultants may have been used to complete an all-cash deal, which will cost $16.5 billion (£10.5 billion) - or $127.50 per share.
A combination of equity issuance and debt is expected to be used to finance the agreement, but the approval of Goodrich shareholders is still required.
Louis Chenevert, chairman and chief executive officer of UTC - which was listed by Fortune in 2011 as the 44th largest US corporation - noted Goodrich fulfils all of the firm's "acquisition criteria".
"We are very excited to bring the capabilities of two great companies together, making us more competitive and better able to provide value to both customers and shareholders," he added.
Projected results for UTC, once the deal has been completed, put sales at the organisation at $66 billion for 2011.
Posted by Ron Maverick
Source: United Technologies press release, September 21st