UTC to sell Rocketdyne unit to GenCorp for $550M

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Associated Press

Posted on July 23, 2012 at 9:00 AM

Updated Monday, Jul 23 at 1:00 PM

HARTFORD, Conn. (AP) — United Technologies Corp. says it has agreed to sell its Rocketdyne unit to GenCorp Inc. for $550 million.

The Hartford-based industrial conglomerate made the announcement Monday morning, saying the transaction is expected to close in the first half of 2013.

Rocketdyne, a manufacturer of rocket engines and liquid-propulsion systems, has been part of UTC's Pratt & Whitney division for seven years.

UTC had previously said it planned to sell Rocketdyne and other businesses to raise $3 billion to finance its purchase of aerospace parts maker Goodrich Corp.

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