United Technologies Corp. in Hartford won European Union regulatory approval on Monday to buy the security business of Fairfield-based General Electric, boosting its operations in the domestic market, Reuters reports.
EU approval comes barely three months after UTC announced the $1.82 billion acquisition.
UTC, the world’s largest maker of aircraft engines and aerospace components, elevators and air-conditioners, expects the deal to reinforce earnings in 2011 and beyond, Reuters reported Monday. GE is selling its security arm as part of a portfolio streamlining.
“The (European) Commission’s market investigation confirmed that the proposed acquisition would be unlikely to raise competition concerns,” the European Union executive said in a statement.
UTC, which declared plans to spend $3 billion on deals this year, has made a string of acquisitions over the past decade to boost its presence in the security business. Its commercial companies include jet-engine maker Pratt & Whitney, Carrier air conditioners, Otis elevators and the fire and security arm.
GE Security, part of GE Technology Infrastructure, has about 4,700 employees in 26 countries. Rivals in the security industry include Tyco International, New Britain-based Stanley Works and Japan’s Secom Co Ltd.
Hurt by the economic downturn, GE is trimming its diverse stable of businesses.
