BRUSSELS (European Commission PR) — The European Commission has approved, under the EU Merger Regulation, the proposed acquisition of Raytheon by United Technologies Corporation (UTC). The approval is conditional on the divestiture of a remedy package.
The transaction combines UTC’s aerospace businesses and Raytheon’s defence business. Both companies are global suppliers of military systems and equipment to aircraft and guided munition producers, as well as armed forces.
In what could be a preview of things to come, Donald Trump today threatened The Boeing Company with the cancellation of a $3 billion U.S. Air Force contract to replace the fleet of Air Force One aircraft.
SACRAMENTO, Calif. (GenCorp PR) – GenCorp Inc. (NYSE: GY) announced today that it has completed the acquisition of substantially all operations of the Pratt & Whitney Rocketdyne business (Rocketdyne) from United Technologies Corporation (NYSE:UTX). GenCorp will combine Rocketdyne with Aerojet-General Corporation (Aerojet), a wholly-owned subsidiary of GenCorp, and the combined businesses will operate as Aerojet Rocketdyne, Inc., headquartered in Sacramento, California.
As part of the Rocketdyne transaction, GenCorp will acquire UTC’s 50% interest in the RD Amross joint venture following receipt of Russian regulatory approvals.
United Technologies Corporation has created a new UTC Aerospace Systems business unit by acquiring aerospace parts maker Goodrich Corporation and combining it with UTC’s Hamilton Sundstrand Space Systems, which has been making spacesuits, life-support equipment and other components for America’s space program for nearly 50 years.
To finance its Goodrich acquisition, UTC has agreed to sell Pratt & Whitney Rocketdyne to GenCorp (owner of Aerojet) for $550 million. The company will also sell its Hamilton Sundstrand Industrial unit to BC Partners and The Carlyle Group for $3.46 billion. The industrial unit manufactures highly engineered, mission-critical pumps and compressors for the global industrial, infrastructure and energy markets.