The United Technologies acquisition of Rockwell Collins remains on track to close around midyear, UTC president and CEO Greg Hayes told analysts on Wednesday. Talks with regulators have not turned up any surprises, he said, adding, "We're working through the second request with the [Department of Justice] right now."
Hayes added that discussions with aircraft manufacturers continue as UTC seeks to allay concerns that the deal will not benefit the supply chain's top tier. "The big OEMs are skeptical in terms of what they perceive to be market power of a combined Rockwell and the [United Technologies] Aerospace Systems business," he said. "But our message has been clear since day one…this will add value to the customers over the long term. We're working with the OEMs now to get this thing finalized and hopefully we're not going to see big objections."
According to Hayes, UTC is "continuing to look at the entire portfolio" that the new Collins Aerospace Systems business unit would represent. "We'll continue to evaluate what we're going to do longer-term," he said.
Rockwell Collins, citing its "pending acquisition" by UTC, did not hold a quarterly earnings call. Rockwell's Fiscal Year 2018 first quarter ended on December 31.
