United Technologies to Sell UTC Power Unit to ClearEdge Power
United Technologies (NYSE: UTX) announced Saturday it has reached agreement to divest its UTC Power fuel cells unit to ClearEdge Power, based in Hillsboro, Ore. Terms of the agreement were not disclosed.
As previously announced, divesting UTC Power is another step forward in UTC's ongoing portfolio transformation to focus on its core of aerospace and building systems. The transaction is subject to customary closing conditions. Closing is expected early in 2013.
United Technologies Corp., based in Hartford, Connecticut, is a diversified company providing high technology products and services to the building and aerospace industries.
This release includes "forward looking statements" concerning a proposed transaction, its financial and business impact, management's beliefs and objectives with respect thereto, and management's current expectations for our future operating and financial performance, based on assumptions currently believed to be valid. Forward-looking statements can be identified by the use of words such as "believe," "expect," "expectations," "plans," "strategy," "prospects," "estimate," "project," "target," "anticipate," "will," "should," "see," "guidance," "confident" and other words of similar meaning in connection with a discussion of future operating or financial performance. It is uncertain whether the events anticipated will transpire, or if they do occur what impact they