Farmington-based United Technologies Corp. and Iowa’s Rockwell Collins remained tight-lipped Tuesday afternoon after reports the two industry giants are close to a multi-billion-dollar combination.
The Wall Street Journal reported that conglomerate UTC, which is parent to jet-engine maker Pratt & Whitney, Otis Elevators, and air conditioner maker Carrier Corp., is close to acquiring aviation systems and cabin equipment maker Rockwell Collins for $20 billion.
A deal could be reached by the Labor Day holiday weekend, media sources said.
UTC Spokesperson Brad Drazen did not return a call or email seeking comment, while two spokespeople at Rockwell Collins refused to answer any questions.
“We are not commenting,” said Pam Tvrdy-Cleary, Rockville Collins’ director of media. “We don’t comment on market rumors.”
UTC has approximately 201,600 employees and had $57.4 billion in adjusted net sales in 2016, according to the company website. In fiscal 2016, Rockwell Collins had 30,000 employees worldwide and sales of $5.26 billion, according to its website.
UTC and Rockwell shares were up more than 2 percent each on the deal-making news Tuesday.
