Back-and-forth tariff threats between the United States and China have not affected a review of United Technologies Corp.’s acquisition of Rockwell Collins, UTC’s chief executive said Tuesday.
“As far as the Rockwell approval goes, we have seen no change in behavior from the Chinese regulators. It’s all still very professional, asking all of the questions that we would expect and we remain on track, we think late second quarter, early third quarter, to close on Collins. We just don’t see an issue out there,” UTC CEO Greg Hayes said on an earnings call.
Farmington, Conn.-based UTC is in the process of purchasing Cedar Rapids-based Rockwell, the largest employer in the city. Regulators in multiple countries still need to sign off on the deal, but the companies expect it to close as early as July.
“We continue to see a close in midyear. We’re working closely with regulators to complete the remaining reviews,” Hayes said.
Under the acquisition, Rockwell would combine with UTC Aerospace Systems, a UTC subsidiary, to form Collins Aerospace Systems. Executives for Collins Aerospace would be based in Palm Beach County, Fla., with six individual business segments based around the country.
Two of those segments, one focused on avionics and the other on mission systems, would be located in Cedar Rapids.
Rockwell Chairman, CEO and President Kelly Ortberg would lead Collins Aerospace as CEO with UTC Aerospace President Dave Gitlin serving as president.
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