Shares of manufacturing and transportation companies declined amid a wave of risk aversion and a mixed reception for a major merger.
Shares of United Technologies declined after the industrial conglomerate agreed to buy aerospace technology maker Rockwell Collins for $23 billion, doubling down on its bet that aircraft components will be digitally connected and tracked. Boeing said it was "skeptical" the transaction would benefit its airline customers or the broader industry, threatening to shift contracts away from Rockwell.
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French power-equipment maker Schneider Electric agreed to merge with British engineering software maker Aveva Group, the latest move by an industrial giant toward writing the software that will run the factories and machines of the future. Schneider will fold its software assets into Aveva's operations and pay the U.K. company more than $710.4 million for a 60% stake in the combined entity.
Rob Curran, email@example.com
(END) Dow Jones Newswires
September 05, 2017 17:08 ET (21:08 GMT)