UTC businesses identified for sale include Pratt & Whitney Rocketdyne, Clipper Windpower and the Hamilton Sundstrand Industrial businesses: Milton Roy, Sullair and Sundyne. These businesses are treated as held for sale and have been moved to discontinued operations in UTC’s financial statements. Gains realized at the time of closing are expected to be greater than impairment charges in discontinued operations.
“We are taking the opportunity to re-evaluate our portfolio as we enter a transformational stage with the proposed acquisitions of Goodrich and Rolls-Royce’s share in the International Aero Engines joint venture,” said UTC Chairman & Chief Executive Officer Louis Chênevert. “The proceeds from divestitures of non-core businesses will help minimize the equity issuance and reduce dilution from the Goodrich transaction.
“The Goodrich transaction remains on track for a mid-year close,” added Chênevert. “Including Goodrich, we expect United Technologies’ EPS from continuing operations in 2012 of $5.30 to $5.50, up 0 to 4 percent.”
On the same basis, the company expects 2012 sales of $61 to $62 billion, up 9 to 11 percent and cash flow from operations less capital expenditures to equal or exceed net income attributable to common shareowners. The accompanying tables contain 2011 financial results revised for discontinued operations.
United Technologies Corp., based in Hartford, Connecticut, is a diversified company providing high technology products and services to the building and aerospace industries.