Goodrich Shareholders Approve Sale to United Technologies

Industrials Reuters

Goodrich Corp (GR) shareholders voted on Tuesday to approve selling the maker of aircraft components to diversified manufacturer United Technologies Corp (UTX) for $16.5 billion.

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United Tech announced a deal in September to buy the Charlotte, North Carolina, company for $127.50 per share in cash, a 47 percent premium to Goodrich's last close before word of the impending takeover was first reported.

Goodrich shares were up 11 cents at $126.17 in late morning trading on the New York Stock Exchange, while United Tech gained 1.6 percent to $85.34.

The deal is set to close in mid-2012.

United Tech Chief Executive Officer Louis Chenevert is scheduled to meet with shareholders and analysts in New York on Thursday to discuss the company's plans for the year. He is expected to provide details on the Hartford, Connecticut-based company's plans to sell off some smaller pieces of its portfolio to limit the amount of new shares it needs to issue to fund the deal.

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