United Technologies To Buy Rockwell Collins

United Technologies To Buy Rockwell Collins”

The transaction is expected to close by the third quarter of 2018, subject to approval by Rockwell Collins' shareowners, as well as other customary closing conditions, including the receipt of required regulatory approvals. Once complete, Collins Aerospace Systems is expected to have annual sales of about $23 billion, about $8 billion of which comes from Rockwell Collins as it is organized now.

Rockwell Collins announced that its Board of Directors has initiated a stock buyback program on Friday, July 7th that permits the company to buyback $200.00 million in shares. This dividend represents a yeild of $1.01 which is the dividend as a percentage of the current share price.

UTC already owns aircraft engine maker Pratt & Whitney and now manufactures other airplane parts.

Heavily rumored last week, the deal will make Farmington-based UTC an even larger player in the global aerospace industry.

"Pratt has nothing to do with this", said Hayes of the planned merger. "Our first priority is to get deal closed".

"We will see, we will take a look, but it is much too early to move forward in this area", Safran's Philippe Petitcolin said on Tuesday on the sidelines of a defense conference. Hayes did not rule out such sales in the longer term. Once UTC completes its integration of Rockwell Collins and debt used to partly finance the deal is paid down, "we will have an opportunity to explore a full range of strategic options for UTC", he said. He called the offer "a good balance" since "we have to have access to debt markets at reasonable costs" to make the deal work.

The stock had fallen more than 4 percent before Boeing's statement, as analysts factored in United Tech's decision to halt share buybacks for three to four years and earnings dilution caused by the cash-and-stock deal.

Both planemakers have been pushing suppliers to lower their prices. The Company also provides a range of services to its customers through a network of service centers, including equipment fix and overhaul, service parts, field service engineering, training, technical information services and aftermarket used equipment sales.

"The lack of any commitment to a separation to unlock the sum of the parts value and the lack of accretion until year two could be disappointing to investors". Chief Financial Officer Akhil Johri said United Technologies would suspend its share-repurchase plans for the next few years.

"This is a significant deal for UTC and the aviation industry", said Mr Hans Weber, president of consultancy Tecop International. Cost synergies are pegged at $500 million. "It gives us scale to do things that we couldn't do on our own".

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