United Technologies to Sell Industrial Products Businesses to The Carlyle Group and BC Partners

United Technologies

announced Wednesday it has reached agreement to sell its Milton Roy Co., Sullair Corp. and Sundyne Corp. industrial products businesses to BC Partners and The Carlyle Group

for $3.46 billion. The transaction is subject to regulatory approval and customary closing conditions and is expected to close by year end. As previously announced, proceeds from the sale will be used to repay a portion of the short-term debt incurred to finance the proposed acquisition of Goodrich Corporation

. "We are pleased to announce the sale of the Hamilton Sundstrand industrial businesses. This represents another significant step forward in our ongoing portfolio transformation," said UTC Chairman & Chief Executive Officer Louis Chenevert. "While these are strong, profitable companies with solid customers and continued promising outlooks, they are not part of UTC's core of aerospace and building systems. Between now and closing, we are committed to continuing to support operational excellence and to delivering on our commitments to customers."