It has been announced that Rockwell Collins shareowners voted overwhelmingly in favour of the UTC acquisition in the special meeting that took place earlier this month. More than 96% of the votes cast during the meeting were cast in support of the proposition, which represented over 72% of all shares of common stock.
Kelly Ortberg, President and CEO of Rockwell Collins said, ‘Shareowners have made clear their support for this acquisition, bringing it one step closer to reality. As Collins Aerospace, we’ll be a stronger company, with attractive aerospace product and service portfolios, and ultimately, better positioned for long-term success.’
Now the proposed acquisition will require regulatory approval, and customary closing condition will need to be met, but the transaction to create the new UTC business, Collins Aerospace Systems, is expected to be completed before the end of the year.