Sale of Pratt & Whitney Rocketdyne ‘Imminent’ [Los Angeles Daily News]
A private investor group is in talks with United Technologies Corp. to buy rocket maker Pratt & Whitney Rocketdyne, and a deal may be announced soon, the Los Angeles Daily News reports.
Kenn Phillips, vice president of the Valley Economic Alliance, who has been tracking developments with Rocketdyne, told the newspaper, “What we have heard from the aerospace community is that the sale is imminent. They all said it was great.”
Phillips said the investment group is “interested in retaining the company on its current site” in Canoga Park, Calif., and “is not interested in spinning off parts of the company.”
United Technologies put Pratt & Whitney Rocketdyne on the market in March to help pay for its $16.5 billion purchase of Goodrich Corp.
Meanwhile, United Technologies said June 12 that JPMorgan Chase, Bank of America and Citigroup are leading a $1 billion equity offer to help finance the Goodrich acquisition. United Technologies expects to raise a further $3 billion from the sale of Pratt & Whitney Rocketdyne, Clipper Windpower and some Hamilton Sundstrand businesses, the New York TimesDeal Book blog reported June 12.