United Technologies To Sell Rocketdyne, Other Units To Help Fund Goodrich Buy

    DOW JONES NEWSWIRES 
 

United Technologies Corp. (UTX) plans to put a handful of businesses up for sale, including its Rocketdyne rocket-engine business, to help fund its roughly $16 billion deal to buy aircraft-components maker Goodrich Corp. (GR).

Rocketdyne is part of the Pratt & Whitney operations of United Technologies. Last year, the company revealed it was considering strategic options for the business, highlighting the increased fragility of the U.S. space industrial base.

"We are taking the opportunity to re-evaluate our portfolio as we enter a transformational stage with the proposed acquisitions of Goodrich and Rolls-Royce's share in the International Aero Engines joint venture," said Chairman and Chief Executive Louis Chenevert. Last year, United Technologies said it would end one aircraft-joint venture with Rolls-Royce Holdings PLC (RYCEY, RR.LN) to start another.

Other businesses identified as up for sale included its Clipper Windpower wind-energy business and its Hamilton Sundstrand Industrial businesses. United Technologies said it expects proceeds of roughly $3 billion from divestitures.

The company's deal to buy Goodrich is expected to close by the middle of the year after recently garnering an overwhelming vote of approval by Goodrich shareholders.

Shares were recently down 0.4% at $86.44.

-By Mia Lamar, Dow Jones Newswires; 212-416-3207; [e-mail]