Summary
United Technologies Corporation (now RTX Corp) has filed an 8-K report to announce the completion of the sale of its industrial products businesses, specifically Milton Roy Company, Sullair Corporation, and Sundyne Corporation. This strategic divestiture was completed on December 13, 2012, to Silver II Acquisition S.à r.l., a entity formed by affiliates of The Carlyle Group and BC Partners. The sale generated approximately $3.46 billion in cash for the company, subject to customary post-closing adjustments. This significant cash influx from the divestiture of non-core industrial assets is a key event for investors to note, potentially impacting the company's future capital allocation strategies, debt reduction, or reinvestment in its core aerospace and building systems segments.
Key Highlights
- 1Completion of the sale of Milton Roy Company, Sullair Corporation, and Sundyne Corporation industrial products businesses.
- 2The sale was executed on December 13, 2012.
- 3The buyer is Silver II Acquisition S.à r.l., backed by The Carlyle Group and BC Partners.
- 4The aggregate purchase price was approximately $3.46 billion in cash.
- 5The transaction is subject to certain post-closing adjustments.
- 6The company previously announced the sale on July 25, 2012, via a Purchase and Sale Agreement.
- 7This divestiture represents a strategic move to streamline the company's portfolio.