Goodrich Corp. (GR) said its shareholders overwhelmingly
approved United Technologies Corp.'s (UTX) roughly $16.4 billion
purchase, and said it continues to forecast the merger to close by
midyear.
"Together with United Technologies, we expect to advance the
aerospace industry, and we look forward to an expeditious
completion of this transaction," Goodrich Chief Executive Marshall
Larsen said.
In all, 98% of shareholder votes cast were in favor of the
transaction, the aircraft component maker said. Those votes
represented 75% of all outstanding Goodrich shares as of Feb.
6.
Once the merger is completed, Goodrich will become a wholly
owned subsidiary of United Technologies and Goodrich shareholders
will receive $127.50 in cash for each of their shares. The
companies value the transaction, which is still pending some
closing conditions, at a total of $18.4 billion, which includes
about $1.9 billion in debt assumed.
United Technologies, which builds Otis elevators, Pratt &
Whitney aircraft engines and Carrier air-conditioning systems, has
been making deals that increase its exposure to the commercial
aviation business.
In January, the company said its fourth-quarter income rose as
the industrial conglomerate reported improved results from Pratt
& Whitney, though revenue in its Carrier business sank.
United Technologies shares were up 1.7% at $85.42, while
Goodrich's were up 12 cents at $126.18. United Technologies' stock
is up 15% over the past three months.
-By Ben Fox Rubin, Dow Jones Newswires; 212-416-3108;
ben.rubin@dowjones.com