UTC businesses identified for sale include Pratt & Whitney Rocketdyne, Clipper Windpower and the Hamilton Sundstrand Industrial businesses: Milton Roy, Sullair and Sundyne. Courtesy of United Technologies Corporation

Hartford, Conn., USA - March 15, 2012

In a meeting with investors and analysts, United Technologies Corp. (NYSE: UTX) today updated its financing plan for the proposed $16.5 billion cash acquisition of Goodrich Corp. (NYSE: GR), including expected proceeds of approximately $3 billion from net divestitures and $1.5 billion from mandatory convertible instruments.

Courtesy of United Technologies Corporation

UTC businesses identified for sale include Pratt & Whitney Rocketdyne, Clipper Windpower and the Hamilton Sundstrand Industrial businesses: Milton Roy, Sullair and Sundyne.

Courtesy of United Technologies Corporation

These businesses are treated as held for sale and have been moved to discontinued operations in UTC’s financial statements.

Courtesy of United Technologies Corporation

Gains realized at the time of closing are expected to be greater than impairment charges in discontinued operations.

Courtesy of United Technologies Corporation

“We are taking the opportunity to re-evaluate our portfolio as we enter a transformational stage with the proposed acquisitions of Goodrich and Rolls-Royce’s share in the International Aero Engines joint venture,” said UTC Chairman & Chief Executive Officer Louis Chênevert.
“The proceeds from divestitures of non-core businesses will help minimize the equity issuance and reduce dilution from the Goodrich transaction.

Courtesy of United Technologies Corporation

“The Goodrich transaction remains on track for a mid-year close,” added Chênevert.
“Including Goodrich, we expect United Technologies’ EPS from continuing operations in 2012 of $5.30 to $5.50, up 0 to 4 percent.”

United Technologies Corporation, 2011 Revised for Discontinued Operations Courtesy of United Technologies Corporation

On the same basis, the company expects 2012 sales of $61 to $62 billion, up 9 to 11 percent and cash flow from operations less capital expenditures to equal or exceed net income attributable to common shareowners.

The accompanying tables contain 2011 financial results revised for discontinued operations.

United Technologies Corp., based in Hartford, Connecticut, is a diversified company providing high technology products and services to the building and aerospace industries.

Additional information, including a webcast, is available on the Internet at http://www.utc.com  


Source: United Technologies Corp.

http://www.utc.com/Home  



Louis R. Chênevert

Chairman & Chief Executive Officer of United Technologies Corporation

Louis R. Chênevert Courtesy of United Technologies Corporation

Louis R. Chênevert is Chairman & Chief Executive Officer of United Technologies Corporation.
He was elected President & Chief Executive Officer in April 2008 and Chairman in January 2010.
He held the position of President & Chief Operating Officer, and served as a Director of United Technologies since March 2006.

Prior to that he served as President, Pratt & Whitney, from April 1999 through March 2006.

Before joining Pratt & Whitney in 1993, Chênevert spent 14 years at General Motors.
He served as production general manager of General Motors’ St. Therese operation.

Chênevert is Vice-Chairman of The Business Council, a member of the US-India CEO Forum and Business Roundtable, and is a founding director and Chairman of the Board of Directors for the Friends of HEC Montréal.

He also serves on the Board of Directors for Cargill, the Congressional Medal of Honor Foundation and is Chairman of the Yale Cancer Center’s Advisory Board.

In 2005, Chênevert was inducted as a Fellow of the American Institute of Aeronautics and Astronautics (AIAA).

Chênevert earned a bachelor of commerce degree in production management from the Université de Montréal, École des hautes études commerciales (HEC).


Source: United Technologies Corp.

http://www.utc.com/About+UTC/Executive+Leadership/



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