United Technologies Corp's (UTX.N) Louis Chenevert placed the biggest bet of his tenure as chief executive with a $16.5 billion cash deal for aircraft components maker Goodrich Corp (GR.N). It would be the largest acquisition ever for United Tech, boosting the diversified U.S. manufacturer's presence in the civilian aerospace market. The company, worth $69 billion on the stock market, expects to issue $4.6 billion in new shares and take on about $15 billion in debt to fund the deal. Goodrich had been on United Tech's radar since the time of Chenevert's predecessor as CEO, George David. Talks between Chenevert and Goodrich CEO Marshall Larsen began more than a year ago, Chenevert said. "There was no other property that offered the opportunities that Goodrich offers," the Canada-born executive told Reuters in an interview on Thursday.
United Technologies Corporation (UTC) is a provider of technology products and services to the building systems and aerospace industries worldwide. Shares of UTX fell by 8.47% or $-6.345/share to $68.52. In the past year, the shares have traded as low as $67.12 and as high as $91.83. On average, 5761180 shares of UTX exchange hands on a given day and today's volume is recorded at 7456562.
Goodrich Corporation (Goodrich) is a supplier of aerospace components, systems and services to the commercial and general aviation airplane markets. Shares of GR traded higher by 10.18% or $11.15/share to $120.64. In the past year, the shares have traded as low as $70.39 and as high as $114.50. On average, 1929910 shares of GR exchange hands on a given day and today's volume is recorded at 27915908.
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