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  • Friday, April 26, 2024

UTC Expects China’s Approval of Rockwell Collins Deal Within Weeks; Greg Hayes Quoted


Greg Hayes

United Technologies Corp. (NYSE: UTX) expects Chinese regulators to approve its planned $30B purchase of Rockwell Collins (NYSE: COL) within weeks, Reuters reported Tuesday.

UTC CEO Greg Hayes said Tuesday in a conference call the company does not expect the U.S.-China political issues to have an impact on the deal citing UTC’s investment and key role in the East Asian country’s aerospace sector.

The Gazette reported that UTC considers plans to split up its aircraft engines, plane interiors, elevators and aerospace systems businesses into separate entities.

Hayes said any decision over that portfolio breakup would be contingent on UTC’s completion of the acquisition.

UTC received antitrust clearance from the Justice Department earlier this month to acquire Rockwell Collins under the $30B deal, which includes the assumption of $7B in net debt from the Cedar Rapids, Iowa-based avionics contractor.

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