United Technologies say it's selling its rocket engine and wind power businesses to help finance its $16.5 billion purchase of aerospace supplier Goodrich Corp.
The Hartford, Conn.-based industrial conglomerate said Thursday that it will sell Pratt & Whitney Rocketdyne, Clipper Windpower and three businesses of its Hamilton Sundstrand aerospace components manufacturer. It expects to raise $3 billion from the sales.
CEO Louis Chenevert (shen-eh-VAYRT') said the company is reevaluating its portfolio in light of the deal to buy Charlotte, N.C.-based Goodrich, and subsidiary Pratt & Whitney's $1.5 billion purchase of Rolls-Royce's stake in a joint venture that makes Airbus engines.
United Technologies, the parent company of Otis elevator, Sikorksy Aircraft and other businesses, bought Clipper Windpower, a wind turbine manufacturer, in 2010. It's owned Rocketdyne for seven years.