Hartford conglomerate United Technologies Corp. is interested in making acquisitions, particularly of makers of fire and security equipment, but is having a hard time coming to terms with potential sellers on price, Reuters reports, citing UTC’s top executive.
“We’ve got a nice pipeline of [mergers and acquisitions] still, but I would say there’s a substantial disconnect between sellers’ expectations and me as a buyer,” Chairman and CEO Louis Chenevert told an investor meeting Wednesday in New York. “We are going to be disciplined.”
UTC is interested in continuing to build out its fire and security operation — following its purchase earlier this year of Fairfield-based General Electric Co.’s security business for $1.8 billion, which marked its first big takeover since Chenevert became chairman in January.
The company, which makes Pratt & Whitney jet engines and Sikorsky helicopters, is also interested in deals in the aerospace sector, though price expectations have proven a barrier, Chenevert said.
The past month has been a busy time for corporate America. Just this week fellow blue-chip industrial 3M Co. announced $1 billion in planned takeovers.
At 11 a.m., UTC was up $2.21, or 3.4 percent, at $67.42.
