Monday, June 11, 2012

RR buying joint venture

Rolls-Royce is buying out Goodrich in its engine controls joint venture for full ownership of the fuel pumps and metering units business. The two companies combined their controls businesses in 2009 to form Aero Engine Controls. United Technologies, which is in the process of buying aircraft components maker Goodrich, agreed to the deal. (Source: Reuters, 06/08/12) Meanwhile, UT has offered to sell assets to secure European Union approval of the Goodrich purchase. UT has already said it plans to sell portions of its business, including Pratt and Whitney Rocketdyne. (Source: Reuters, 06/11/12) Gulf Coast note: Rocketdyne has an operation at Stennis Space Center, Miss; Goodrich has an operation in Foley, Ala.; Rolls-Royce tests engines at Stennis Space Center and has a propeller foundry in Pascagoula, Miss.