United Technologies to buy Rockwell Collins for $30 billion
United Technologies Corporation has announced that it will buy Rockwell Collins for £30 billion.
Upon completion of the transaction, which is expected in the third quarter of 2018, Rockwell Collins and UTC Aerospace Systems (UTC) will be integrated to create a new business unit named Collins Aerospace Systems. Kelly Ortberg (current chairman, president and CEO, Rockwell Collins) will assume the role of Chief Executive Officer with Dave Gitlin (current president, UTC) serving as President and Chief Operating Officer.
“This acquisition adds tremendous capabilities to our aerospace businesses and strengthens our complementary offerings of technologically advanced aerospace systems,” said UTC Chairman and Chief Executive Officer Greg Hayes. “Together, Rockwell Collins and UTC Aerospace Systems will enhance customer value in a rapidly evolving aerospace industry by making aircraft more intelligent and more connected.”
Kelly Ortberg, Rockwell Collins. commented: “The combination will enable us to compete more effectively for future business through continued investments in innovation, world-class integrated product offerings and the ability to retain the top talent in the industry. We look forward to the next chapter in Rockwell Collins’ long and proud history, as part of UTC.”