United Technologies to Sell Rocketdyne Unit to GenCorp Inc.

United Technologies Corp. (NYSE: UTX) announced it has reached agreement to sell its Rocketdyne unit, currently part of Pratt & Whitney, to GenCorp Inc. for $550 million. The transaction is expected to close in the first half of 2013.

As previously announced, proceeds from the sale will be used to repay a portion of the short-term debt incurred to finance the proposed acquisition of Goodrich Corporation. The transaction is subject to customary closing conditions, including regulatory approvals.

Click here to read the UTC press release.

Coverage:

• GenCorp To Pay $550M For UTC's Rocketdyne (Hartford Courant)
• GenCorp To Pay $550M For UTC's Rocketdyne (Reuters, via Aviation Week)
• United Tech. sells Rocketdyne unit for $550 mln (MarketWatch)
• Rocketdyne sold to GenCorp for $550 million (Los Angeles Times)
• GenCorp buying P&W Rocketdyne (United Press International)
• GenCorp to buy rocket manufacturer Rocketdyne (Flight International)
• Aerojet's Parent Company Bids $550 Million for Rival Rocketdyne (SpaceNews)