Hartford conglomerate United Technologies Corp. on Tuesday announced the sale of the former Goodrich Corp. electric power systems business for $400 million to a French aerospace company.
UTC acquired North Carolina aerospace manufacturer Goodrich for $16.5 billion in July, but the transaction was subject to a number of regulatory requirements from the European Union. Those requirements included the divestitures of the Goodrich electric power systems and pumps and engine controls units.
Paris aerospace and defense manufacturer Safran agreed to buy the Ohio-based electric power systems unit for $400 million. The transaction still is subject to regulatory approvals in China, the U.S., and the European Union, and closing is expected by early 2013.
UTC is in discussions with multiple prospective buyers for the former Goodrich pumps and engine controls unit.
