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MarketScreener Homepage  >  Equities  >  Nyse  >  United Technologies Corporation    UTX

UNITED TECHNOLOGIES CORPORATION

(UTX)
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United Technologies Gets China's Approval for Rockwell Collins Deal -- Update

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11/23/2018 | 02:27pm EST

By Thomas Gryta

Chinese regulators have blessed United Technologies Corp.'s takeover of airplane-parts maker Rockwell Collins Inc., removing the final hurdle for a $23 billion combination that was struck more than a year ago.

The deal, announced in Sept. 2017 and approved by U.S. regulators in October, has been waiting months for a decision from Chinese authorities. Some investors had grown nervous the transaction could get caught up in trade tensions between Beijing and Washington, even though UTC executives had said they expected the transaction to get approved.

UTC said Friday it expected the deal to close within three business days. The approval is conditional and requires the divestiture of several businesses related to various aircraft systems. The decision is in line with expectations, the company said. European regulators approved the deal more than six months ago with similar requirements.

Shares of Rockwell surged 9.2% to $141.63 in New York trading Friday afternoon, while UTC shares gained 2.7% to $129.04. UTC agreed to pay about $140 per share in a mix of cash and stock.

The deal promises to reshape the market for aerospace parts and clears the way for a breakup of UTC, an industrial conglomerate. The company, which also makes Carrier air conditioners and Otis elevators, has been conducting a strategic review with an eye toward separating its operations.

In October, UTC Chief Executive Greg Hayes said the Rockwell deal's delay hadn't slowed work on the portfolio review. He said he expected to share his plans this month, but that the board wouldn't make a final decision until the Rockwell deal had closed. "I've made my views clear, I think focused businesses tend to do better over the long term," he said at the time.

Farmington, Conn.-based UTC, which has long operated in the shadow of rival General Electric Co., is now the more valuable company of the two following GE's painful collapse this year. UTC has a market value of roughly $100 billion, while GE's market value is around $68 billion.

UTC already owns one of the world's biggest jet-engine makers, Pratt & Whitney, and an aerospace division that also makes parts such as wheels and landing gear. It had about $60 billion in annual revenue last year.

Rockwell specializes in cockpit displays and communications systems for passenger jets and the military. Shortly before agreeing to sell itself to UTC, the Cedar Rapids, Iowa, company closed its roughly $6 billion acquisition of B/E Aerospace Inc., a maker of plane seats and interiors.

Yang Jie contributed to this article.

Write to Thomas Gryta at thomas.gryta@wsj.com

Stocks mentioned in the article
ChangeLast1st jan.
ONE STOP SYSTEMS, INC. -1.10% 2.7 Delayed Quote.33.66%
ROCKWELL COLLINS 0.00%End-of-day quote.4.00%
UNITED TECHNOLOGIES CORPORATION 0.26% 153.46 Delayed Quote.2.47%
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Financials (USD)
Sales 2020 78 419 M
EBIT 2020 10 538 M
Net income 2020 6 606 M
Debt 2020 35 051 M
Yield 2020 1,98%
P/E ratio 2020 19,5x
P/E ratio 2021 16,9x
EV / Sales2020 2,12x
EV / Sales2021 1,98x
Capitalization 131 B
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Technical analysis trends UNITED TECHNOLOGIES CORPOR
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Mean consensus OUTPERFORM
Number of Analysts 20
Average target price 168,00  $
Last Close Price 153,46  $
Spread / Highest target 27,1%
Spread / Average Target 9,47%
Spread / Lowest Target -16,6%
EPS Revisions
Managers
NameTitle
Gregory J. Hayes Chairman, President & Chief Executive Officer
Michael R. Dumais Executive Vice President-Operations & Strategy
Neil G. Mitchill Chief Financial Officer
Paul Eremenko Chief Technology Officer & Senior Vice President
Christine Todd Whitman Independent Director
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