Dec 12 United Technologies Corp, the
world's largest maker of elevators and air conditioners, said it
will sell the power systems business of its aircraft engine
unit, Pratt & Whitney, to Mitsubishi Heavy Industries.
The power systems unit makes industrial gas turbines and
geothermal power systems based on Pratt & Whitney's aircraft
"Divesting Power Systems allows UTC to focus on its core
aerospace and commercial businesses," United Technologies said
The company did not disclose the terms of the deal, which is
expected to close in the second quarter of 2013.
Reuters reported in June that the company was looking to
sell the business for about $1 billion.
United Technologies reported in October a 3 percent decline
in third-quarter earnings and cut its sales forecast for the
year, citing weak demand from airlines and an uncertain economy.
Shares of the company, which also owns Otis elevators and
escalators and helicopter maker Sikorsky, closed at $81.19 on
the New York Stock Exchange on Tuesday.