Mitsubishi Heavy Industries to acquire Pratt & Whitney Power Systems from United Technologies
EAST HARTFORD, Conn., 17 Dec. 2012. United Technologies Corp. (UTC; NYSE:UTX) plans to sell its Pratt & Whitney Power Systems unit, part of Pratt & Whitney, to Mitsubishi Heavy Industries (MHI).
The sale will help enable UTC to focus on its core aerospace and commercial businesses. Pratt & Whitney President David Hess calls Mitsubishi Heavy Industries' agreement to purchase Pratt & Whitney Power Systems a “significant step in UTC's ongoing portfolio transformation.”
The transaction is expected to close in the second quarter of 2013.