UTC adds half a billion to acquisitions war chest

London
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Pratt & Whitney, Hamilton Sundstrand and Sikorksy parent United Technologies has $500 million set aside for acquisitions, in addition to the $16.5 billion it will spend to acquire Goodrich and $1.5 billion it will pay to acquire Rolls-Royce's share of International Aero Engines; those deals are expected to close about mid-year.

The company revealed the war chest in its results for the first quarter ended 31 March.

The first quarter of 2012 saw Pratt & Whitney sales rise 6% to $3.1 billion and operating profit fall 9% to $389 million. At Hamilton Sundstrand, sales rose 9% to $1.24 billion and profit gained 15% to $198 billion. Commercial spares orders rose 1% at Hamilton Sundstrand and fell 3% at P&W's large engine business, after growing 23% and 33% respectively in the same period last year.

At Sikorsky helicopters, sales dropped 15% to $1.35 billion and profit fell 4% to $136 million.