United Technologies to divest UTC Power unit

Sat Dec 22, 2012 11:19am EST

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HARTFORD, Conn.,  December 22, 2012  /PRNewswire/ --

 

United Technologies Corp. (NYSE: UTX) today announced it has reached agreement
to divest its UTC Power fuel cells unit to ClearEdge Power, based in  Hillsboro,
Ore.  Terms of the agreement were not disclosed.

As previously announced, divesting UTC Power is another step forward in UTC's
ongoing portfolio transformation to focus on its core of aerospace and building
systems. The transaction is subject to customary closing conditions. Closing is
expected early in 2013.

United Technologies Corp., based in  Hartford, Connecticut, is a diversified
company providing high technology products and services to the building and
aerospace industries.

This release includes "forward looking statements" concerning a proposed
transaction, its financial and business impact, management's beliefs and
objectives with respect thereto, and management's current expectations for our
future operating and financial performance, based on assumptions currently
believed to be valid. Forward-looking statements can be identified by the use of
words such as "believe," "expect," "expectations," "plans," "strategy,"
"prospects," "estimate," "project," "target," "anticipate," "will," "should,"
"see," "guidance," "confident" and other words of similar meaning in connection
with a discussion of future operating or financial performance. It is uncertain
whether the events anticipated will transpire, or if they do occur what impact
they will have on the results of operations and financial condition of UTC and
of the combined companies. These forward looking statements involve significant
risks and uncertainties that could cause actual results to differ materially
from those anticipated, including but not limited to the ability of the parties
to satisfy the conditions precedent and consummate the proposed transaction, the
timing or consummation of the proposed transaction, the ability of the parties
to secure regulatory approvals in a timely manner or on the terms desired or
anticipated, and the ability to realize opportunities for growth and innovation.
Other important economic, political, regulatory, legal, technological,
competitive and other uncertainties are identified in the SEC filings submitted
by UTC from time to time, including their respective Quarterly Reports on Form
10-Q, Annual Reports on Form 10-K, and Current Reports on Form 8-K. The forward
looking statements included in this press release are made only as of the date
hereof. UTC does not undertake any obligation to update the forward looking
statements to reflect subsequent events or circumstances.

UTC-IR

Contact:
John Moran, UTC

(860) 728-7062
www.utc.com


SOURCE  United Technologies Corp.
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