Wednesday, December 12, 2012
UTC to Sell Pratt & Whitney Power Systems to Mitsubishi
United Technologies Corp. (UTC) has reached an agreement to sell Pratt & Whitney Power Systems to Mitsubishi Heavy Industries for an undisclosed sum.
UTC said the divestiture of the Power Systems allows it to focus on its core aerospace and commercial businesses. Pratt & Whitney Power Systems produces gas turbines and geothermal power systems using the manufacturer’s aircraft engine production technology. The sale is subject to regulatory approval, though UTC expects the sale to close by the second quarter of 2013.
"Pratt & Whitney Power Systems is a solid company with many talented employees, and we are pleased to place it with a company that will provide it with the resources and capabilities for future growth,” said Pratt & Whitney President David Hess, adding that the sale was part of UTC’s “ongoing portfolio transformation.” More