United Technologies Corp's (UTX.N) interest in acquiring Goodrich Corp (GR.N) marks the start of a more active consolidation phase in the U.S. aerospace and defense industry that could ultimately winnow the current field of five or six prime contractors. Industry executives expect more takeovers of second- and third-tier defense suppliers in coming months and say there could even be changes in the top tier, depending on the depth of defense spending cuts mandated by U.S. budget deficits. For years, experts ruled out further consolidation among the biggest arms makers after the mega-mergers sparked by the end of the Cold War. But the prospect of deep spending cuts and continued pressure on companies to generate profits have revived the specter of bigger mergers. Deals in recent years have been smaller, punctuated only by the $5 billion takeover of U.S. defense contractor DRS Technologies by Italy's Finmeccanica SpA (SIFI.MI) in 2008.
United Technologies Corporation (UTC) is a provider of technology products and services to the building systems and aerospace industries worldwide. Shares of UTX traded higher by 1.32% or $1.0/share to $76.55. In the past year, the shares have traded as low as $67.12 and as high as $91.83. On average, 5707910 shares of UTX exchange hands on a given day and today's volume is recorded at 2318958.
Goodrich Corporation (Goodrich) is a supplier of aerospace components, systems and services to the commercial and general aviation airplane markets. Shares of GR fell by 1.63% or $-1.75/share to $105.85. In the past year, the shares have traded as low as $70.39 and as high as $109.87. On average, 1690890 shares of GR exchange hands on a given day and today's volume is recorded at 5967160.
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