United Technologies Corp. completed its $16.5 billion acquisition of Goodrich Corp. this week, after striking a deal to sell off a trio of Hamilton Sundstrand units for $3.5 billion.
Hartford-based UTC owns Sikorsky Aircraft Corp. in Stratford, whose sales totaled $1.6 billion in the second quarter, 9 percent lower than a year ago. Sikorsky operating profits fell 23 percent to $213 million.
The second quarter was Sikorsky”™s last under Jeff Pino, who stepped down as Sikorsky president entering July. Pino capped his six-year stint leading Sikorsky with a new Pentagon helicopter deal with a baseline value of $8.5 billion, and options that could escalate the deal to $11.7 billion. And Sikorsky had a flurry of smaller but significant international deals during the quarter, most recently a $235 million deal to sell helicopters to Thailand.
UTC earnings were flat at $1.4 billion, while revenue was off 5 percent to $14.5 billion. With Charlotte, N.C.-based Goodrich in the fold for most of the second half, UTC now expects 2012 revenue of at least $58 billion, which would match its 2011 totals.
UTC finished scrounging up cash to pay for its $16.5 billion acquisition of Goodrich by selling off air-compressor maker Sullair Corp. in Indiana and industrial pump makers Sundyne Corp. in Colorado and Milton Roy Co. in Pennsylvania. The Carlyle Group and BC Partners are paying a combined $3.5 billion for the Hamilton Sundstrand units, with UTC using the proceeds to pay down debt incurred in the Goodrich deal.
Goodrich runs a large optics and satellite technology lab in Danbury.
