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United Tech not planning break-up after $23-billion Rockwell deal

Acquisition would not prompt United Tech to spin off other businesses

Alwyn Scott & Mike Stone/ Reuters 

Aerospace and industrial company United Technologies Corp said on Tuesday it has no immediate plans to sell off other businesses after it agreed to acquire avionics supplier Rockwell Collins Inc in a $23-billion deal that creates a powerhouse aerospace supplier. United Tech also knocked down speculation that the acquisition would prompt it to spin off other businesses, such as Carrier air conditioners or Otis elevators. “We need the cash flows from all the businesses to help pay down some of this debt" and retain an investment-grade credit rating, United Tech ...

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First Published: Wed, September 06 2017. 02:17 IST