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Wednesday, December 12, 2012

United Tech to sell Pratt power systems unit to Mitsubishi Heavy, (NYSE: UTX)

United Technologies Corp, the world's largest maker of elevators and air conditioners, said it will sell the power systems business of its aircraft engine unit, Pratt & Whitney, to Mitsubishi Heavy Industries.The power systems unit makes industrial gas turbines and geothermal power systems based on Pratt & Whitney's aircraft engine technology."Divesting Power Systems allows UTC to focus on its core aerospace and commercial businesses," United Technologies said on Wednesday.The company did not disclose the terms of the deal, which is expected to close in the second quarter of 2013.

United Technologies Corporation (UTC) provides high technology products and services to the building systems and aerospace industries worldwide. Shares of UTX traded higher by 0.73% or $0.59/share to $81.78. In the past year, the shares have traded as low as $70.71 and as high as $87.50. On average, 4236000 shares of UTX exchange hands on a given day and today's volume is recorded at 3040.