boeing objects to united technologiesrockwell collins tieup
Last Updated : GMT 09:40:38
Themuslimchronicle, themuslimchronicle
Themuslimchronicle, themuslimchronicle
Last Updated : GMT 09:40:38
Themuslimchronicle, themuslimchronicle

about the merger of US-based industrial conglomerate

Boeing objects to United Technologies-Rockwell Collins tie-up

Themuslimchronicle, themuslimchronicle

Themuslimchronicle, themuslimchronicleBoeing objects to United Technologies-Rockwell Collins tie-up

Boeing
Washington - Muslimchronicle

Aerospace giant Boeing raised concerns Tuesday about the merger of US-based industrial conglomerate United Technologies and aviation equipment supplier Rockwell Collins, saying it could use its weight with regulators to scrutinize the deal.

Boeing said it was concerned the deal announced Monday would not be in the best interests of the company. 

"We intend to take a hard look at the proposed combination of United Technologies and Rockwell Collins," Boeing said in a statement.

The company said it was "skeptical" about whether the deal between two major suppliers to the aerospace industry "would be in the best interest of -- or add value to -- our customers and industry."

If Boeing decides the merger is "inconsistent with those interests, we would intend to exercise our contractual rights and pursue the appropriate regulatory options to protect our interests."

In the $30 billion deal, including debt, United Technologies (UTC) will offer $140 per share to Rockwell Collins, or $23 billion in addition to debt recovery.

A UTC spokeswoman declined to comment directly on Boeing's statement, pointing to comments from executives on a conference call Tuesday in which they characterized the transaction as a win for customers.

UTC Chairman and CEO Greg Hayes said any concessions to customers on existing contracts would not be significant and that the deal on the whole would in fact be a winner for these companies.

"Imagine the ability to combine these systems, architecture to reduce weight, to reduce cost for the airlines, those are the things that I think they're going to be interested in as opposed to simply the scale of these combined businesses," Hayes told analysts.

- 'Not eliminating competition' -

Hayes said the Rockwell deal involved much less overlap between the two companies compared with a proposed $90 billion takeover of Honeywell that fizzled in 2016 and was reportedly opposed by Boeing and Airbus.

"You'll recall with Honeywell, they were somewhere between $8 billion and $10 billion of product overlap on the aerospace side. For this combination, we're talking only a couple of hundred million dollars overlap, so there is not big divestiture risk," Hayes said.

"This is not like we're eliminating any competition anywhere across the business."

United Technologies, headquartered in Farmington, Connecticut, employs more than 200,000 people and had 2016 revenues of $57.2 billion.

Rockwell Collins, based in Cedar Rapids, Iowa, manufactures electronic equipment for cockpits and cabins. It had 2016 revenues of $5.3 billion and employs 19,000 people. Last year, it acquired the American group B/E Aerospace for $6.4 billion.

The deal comes as aircraft manufacturers are pressuring subcontractors to lower prices on equipment.

source: AFP

themuslimchronicle
themuslimchronicle

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

boeing objects to united technologiesrockwell collins tieup boeing objects to united technologiesrockwell collins tieup

 



Themuslimchronicle, themuslimchronicle

GMT 08:01 2017 Saturday ,11 March

Elgar goes, South Africa stumble as rain hovers

GMT 21:51 2018 Tuesday ,23 January

Venezuela's Maduro says ready to run for second term

GMT 07:06 2018 Tuesday ,02 January

How to take a stress-free holiday road trip

GMT 10:20 2017 Thursday ,23 February

Brazil's top diplomat resigns

GMT 10:32 2017 Wednesday ,08 March

fog clears to reveal a pleasant day

GMT 17:41 2012 Thursday ,29 March

\'King of Wasps\' found

GMT 11:45 2012 Sunday ,01 April

The passionate, turbulent life of James Brown

GMT 10:30 2012 Monday ,12 November

Giffords wants Loughner to get life

GMT 08:38 2017 Thursday ,13 April

Al Zayani Highlights Gulf Press Role

GMT 10:57 2017 Saturday ,09 September

'Winter has not come': Marcos heir goes 'Game of Thrones'

GMT 11:34 2017 Saturday ,04 March

Australia bowl out India for 189 in second Test

GMT 13:39 2017 Wednesday ,18 January

Europe ups ante with Ryder Cup qualification changes

GMT 19:51 2017 Saturday ,01 April

Trump to Meet with Chinese President

GMT 07:36 2016 Thursday ,12 May

Ai Weiwei in Gaza to film refugees documentary

GMT 00:45 2015 Tuesday ,05 May

Flawless Juve display key

GMT 16:13 2011 Wednesday ,13 July

Poland should drop nuclear

GMT 14:30 2017 Thursday ,24 August

Raonic out of US Open with wrist injury

GMT 15:07 2015 Friday ,06 February

Shebab commander killed in US drone strike

GMT 20:52 2017 Thursday ,02 March

FM meets ICRC head in Geneva

GMT 06:42 2017 Tuesday ,21 March

World’s biggest camel fest kicks off in Rumah

GMT 07:22 2014 Friday ,19 September

Hit 'Just Dance' game goes mobile September 25
Themuslimchronicle, themuslimchronicle
Themuslimchronicle, themuslimchronicle
 
 Themuslimchronicle Facebook,themuslimchronicle facebook  Themuslimchronicle Twitter,themuslimchronicle twitter Themuslimchronicle Rss,themuslimchronicle rss  Themuslimchronicle Youtube,themuslimchronicle youtube  Themuslimchronicle Youtube,themuslimchronicle youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2023 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2023 ©

muslimchronicle muslimchronicle muslimchronicle muslimchronicle
themuslimchronicle themuslimchronicle themuslimchronicle
themuslimchronicle
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
themuslimchronicle, themuslimchronicle, themuslimchronicle