United Technologies Corporation to PurchaseThe Fairchild Corporation's Dallas Aerospace
HARTFORD, Conn.---United Technologies Corporation today announced that it has agreed to purchase the assets and operations of Dallas Aerospace, Inc. from The Fairchild Corporation for approximately $57 million in cash. The sale, which is expected to close before December 31, 1999, is subject to customary conditions such as regulatory approval.
Dallas Aerospace, which had revenues of $78 million last year, is a Texas-based aftermarket supplier of engines, engine parts, and engine management and leasing services, with facilities in Dallas, Texas and Miami, Florida. Dallas Aerospace will become part of Pratt & Whitney Engine Services (PWES), the engine service operations of UTC's Pratt & Whitney unit.
Last week, UTC announced it had reached an agreement to acquire Cade Industries, a Michigan-based company which, among other things, manufactures and repairs composite component parts for propulsion systems and airframes. Cade will further complement PWES's existing capabilites.
"Adding Dallas and Cade will allow us to further build a global service and support network that meets all our customers' needs,'' said Pratt & Whitney President Louis Chenevert. "We will continue to offer innovative ways for them to reduce the total cost of owning and operating Pratt & Whitney engines.''
Pratt & Whitney Engine Services offers complete engine overhauls at facilities in Connecticut, Georgia, Texas and Singapore and provides component repair capabilities in over 20 locations throughout the United States, Singapore, Ireland, Taiwan, and Ukraine. PWES also offers materials management and fleet management programs.
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United Technologies Corporation to PurchaseThe Fairchild Corporation's Dallas Aerospace
