United Technologies Corp. (UTX: Quote) said Friday it has reached agreement to sell the former Goodrich Corp. pump and engine control systems business to Triumph Group, Inc. (TGI).
Goodrich Pump & Engine Control Systems, as the business is known, is an independent aerospace fuel system supplier for the commercial, military, helicopter and business jet markets. Located in West Hartford, Connecticut, the company’s key product and service offerings include electronic engine controls, fuel metering units, main fuel pumps for both the OE and aftermarket/spares end markets. The company employs about 530 employees exclusively at its West Hartford facility.
The deal is expected close in the first quarter of 2013.
Sale of the pump and engine control systems unit was one of the divestitures required by regulatory authorities as a condition of United Technologies’s $16.5 billion acquisition of Goodrich Corp.
Triumph Group said the acquired business, which will operate as Triumph Engine Control Systems, LLC and be included in the Aerospace Systems Group, is expected to add about $195.0 million in annual revenue and to be immediately accretive to earnings.
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by RTT Staff Writer
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