United Technologies Corp. recently announced that it will acquire aerospace solutions company Rockwell Collins, Inc. in a $30 billion deal, according to a press release.
The acquisition will support innovation and the development of advanced digital aerospace systems at UTC, an aerospace technology forecasted to see global, pro-forma 2017 sales of $67 to $68 billion after the transaction.
"This acquisition adds tremendous capabilities to our aerospace businesses and strengthens our complementary offerings of technologically advanced aerospace systems," UTC Chairman and Chief Executive Officer Greg Hayes said in the release. "Together, Rockwell Collins and UTC Aerospace Systems will enhance customer value in a rapidly evolving aerospace industry by making aircraft more intelligent and more connected."
The acquisition will create a new business unit called Collins Aerospace System which will focus on the development of flight technologies and be led by Rockwell CO Kelly Ortberg, according to the Los Angeles Times.
Stephen Perry, managing director of Janes Capital Partners, an aerospace and defense investment banking firm, called the new unit an "absolute colossus," in an interview with the LA Times.