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United Tech sells 3 businesses for $3.5 billion

Published on NewsOK Modified: December 13, 2012 at 2:05 pm •  Published: December 13, 2012
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HARTFORD, Conn. (AP) — United Technologies Corp. has sold two industrial businesses, raising nearly $3.5 billion to help finance its purchase of aerospace parts maker Goodrich Corp.

The Hartford-based conglomerate said Thursday it completed the sale of Milton Roy Co., Sullair Corp. and Sundyne Corp. to BC Partners and The Carlyle Group for $3.46 billion. The parent company of jet engine maker Pratt & Whitney, Sikorsky Aircraft, Otis elevator and other companies said selling the three businesses is "another step forward" as it refashions its portfolio to focus on core aerospace and building systems businesses.

The sale announcement is the second in as many days. United Technologies, which purchased Goodrich this year for $18.4 billion, announced on Wednesday it is selling its turbine business to Mitsubishi Heavy Industries. Terms were not disclosed.