News
UTC closes US$30 billion Rockwell Collins acquisition
November 30th 2018
United Technologies Corp. (UTC) this week closed its US$30 billion acquisition of Rockwell Collins and announced it would spin off non-aerospace business subsidiaries Carrier and Otis Elevator Co. to become a top-tier aerospace parts, engines and services provider. Read More »
“Our decision to separate United Technologies is a pivotal moment in our history and will best position each independent company to drive sustained growth, lead its industry in innovation and customer focus, and maximize value creation,” said UTC chairman and CEO, Gregory Hayes. “Our products make modern life possible for billions of people. I'm confident that each company will continue our proud history of performance, excellence and innovation while building an even brighter future,” he added.
UTC's acquisition of Rockwell Collins is one of the largest in aerospace history. It brings together Rockwell Collins and UTC Aerospace Systems to create Collins Aerospace Systems, an industry heavyweight with a global presence of 70,000 employees in 300 sites and US$23 billion in annual sales on a 2017 pro forma basis.
United Technologies expects the deal to be accretive to adjusted earnings per share in 2019 and to generate more than US$500 million in run-rate pre-tax cost synergies in its fourth year.
