It has been announced that United Technologies Corporation (UTC) are to purchase Rockwell Collins in a $30 billion deal including cash and UTC stocks.
UTC Chairman and CEO, Greg Hayes said, ‘This acquisition adds tremendous capabilities to our aerospace businesses and strengthens our complementary offerings of technologically advanced aerospace systems. Together, Rockwell Collins and UTC Aerospace Systems will enhance customer value in a rapidly evolving aerospace industry by making aircraft more intelligent and more connected.’
The deal, which has been agreed, but not yet finalised and approved, will deliver greater strategic options for UTC, and will result in the creation of a new business – Collins Aerospace Systems – with Kelly Ortberg in the role of CEO and Dave Gitlin as President and COO.
Mr Hayes continued, ‘We have demonstrated we can successfully integrate large acquisitions into our business and I have full confidence that the team has the capability to do it again.’
The agreed terms will give each Rockwell Collins shareholder a cash sum of $93.33 per share, and $46.67 shares of UTC stock. The final purchase price will take debt issuances into account, and delivers a total equity value of $23 billion. The deal is subject to shareholder and government regulatory approval, and is expected to be completed by the end of 2018.
Rockwell Collins’ current CEO, President and Chairman, Kelly Ortberg said, ‘We are extremely pleased to announce this compelling transaction with UTC which is a testament to the value we have created for Rockwell Collins’ employees, customers and shareowners. The combination will enable us to compete more effectively for future business through continued investments in innovation, world-class integrated product offerings and the ability to retain the top talent in the industry. We look forward to the next chapter in Rockwell Collins’ long and proud history, as part of UTC.’
The demands and challenges faced by modern airports today are continually increasing. Passengers require more flexibility, fewer and shorter queues, and a streamlined security experience, while global government departments increase mandatory requirements.
Five UK owners of Stansted, Heathrow, Gatwick, Manchester and London City airports, have joined forces to put pressure on the Government in the form of a report that suggests that passenger numbers are likely to fall when the country leaves the EU in 2019, if a deal is not in place by then.
The
Civil Aviation Authority data on arriving and departing British and Irish aircraft for the past two years has been examined by the BBC Data Unit, and the results are in.
Since biometrics were introduced to the US airports market more than a decade ago, the uptake has still been pretty slow in adopting broad
As a part of
The Department of Homeland Security (DHS) has announced further measures to tighten airport security across the country, with plans for additional screening of passengers and their personal devices.
It has been announced that as a part of