United Technologies Terminates Deal to Sell Pump, Engine Control Systems to TransDigm
United Technologies Corp. (NYSE: UTX) today announced that it has reached a mutual agreement with TransDigm Group Incorporated (NYSE: TDG) to terminate the previously announced sale of the Goodrich Corporation pump and engine control systems business to TransDigm. The parties terminated their agreement after being informed that the U.S. Department of Justice objected to the transaction.
Sale of the pump and engine control systems unit is one of the divestitures required by regulatory authorities as a condition of UTC's acquisition of Goodrich Corporation. UTC intends to comply with its obligation to sell this business to a buyer acceptable to the U.S. Department of Justice and European Commission. Any proposed transaction would be subject to regulatory approvals in the U.S. and other jurisdictions and to other customary closing conditions.
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.