Rockwell Collins in possible takeover bid: source

United Technologies Corp. has submitted an offer to acquire avionics and information company Rockwell Collins, a person familiar with the matter said Friday.

Rockwell is one of Cedar Rapids's largest employers with 9,400 people in the Corridor and some 20,000 worldwide, according to the Cedar Rapids Metro Economic Alliance. The company is valued by Bloomberg News at $19 billion.

Rockwell has been working with an investment bank to review the offer, but there is no certainty that it will decide to engage in any further negotiations with aircraft-engine manufacturer United Technologies, the source said.

The source asked not to be identified because the matter is confidential.

Pam Tvrdy-Cleary, Rockwell director of brand and media strategy, said the company's policy is not to comment on 'market rumors.” United Technologies also declined to comment.

Bloomberg News reported earlier that United Technologies was 'weighing” a potential acquisition of Rockwell but said it was unclear whether the two companies were currently in talks.

Rockwell was the subject of takeover discussions in late 2016, as it was closing on its $6.4 billion acquisition of B/E Aerospace, a Florida-based aircraft interior manufacturer. Bloomberg News at the time reported New York investment fund Starboard Value had urged Rockwell officials to seek a buyer for Rockwell itself.

Rockwell stock closed by the end of trading Friday up 6.7 percent, to $127 a share, on the New York Stock Exchange.