Goodrich sold to United Technologies in $18bn deal

Financial agency Bloomberg reported the Connecticut company is offering $127.50 a share in an all-cash deal. The deal will be subject to regulatory approvals.

Goodrich has an operation in the UAE and has been increasing its sales effort in the MENA region. Goodrich produces items such as nacelles, electronics; landing gear, wheels, brakes and temperature-control systems.

According to Bloomberg, Goodrich will be combined with Hamilton Sundstrand, and Goodrich Chief Executive Officer Marshall Larsen will lead the new unit.

UTC expects the combined company to have worldwide sales of approximately $66 billion, based on its projected 2011 results.

In a statement issued early this morning UTC said the purchase would result in increased scale, financial strength and complementary products, strengthening the company's position in the aerospace and defence industry.

"Goodrich is a great business with a solid product portfolio and significant aftermarket sales that complement UTC's existing aerospace presence," said UTC chairman and CEO Louis Chenevert."This acquisition further strengthens our position in the growing commercial aerospace market and enhances our ability to support our customers with more integrated systems," he added.