U.S.

March 28, 2012

UTC acquistion of Goodrich under review

The acquisition of Goodrich by United Technologies Corp. hit a stumbling block March 27 when the European Commission postponed its deadline for ruling on the bid until Aug. 9.

The commission wants to look at the deal in more detail amidst concerns that it could impact competition for AC power generators and engine controls.

“The aviation equipment industry is already concentrated and is characterized by high barriers to entry,” said Joaquin Almunia, the EU’s antitrust commissioner in a statement. “We need to make sure that competition is preserved and incentives to innovate remain. We must also prevent a rise in input prices for aircraft and engine manufacturers as well as other aviation equipment suppliers.”

Another issue raised relates to Goodrich customers that compete with UTC’s Pratt & Whitney subsidiary.

“The removal of Goodrich as an independent supplier of engine controls and fuel nozzles, particularly for small engines, could result in higher input prices for engine manufacturers competing with Pratt & Whitney,” the commission said. “IN particular, switching supplier could take a long time and be costly for those currently sourcing from Goodrich.”

UTC was not surprised by the commission’s move.

“It is part of the normal regulator review process,” a spokesperson said. “We continue to work with the EU and other regulatory authorities and continue to expect a mid-year closing.”




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