Hamilton Sundstrand to acquire Precision Engine Controls Corp.
WINDSOR LOCKS, Conn., February 5, 2007 – Hamilton Sundstrand Company, a subsidiary of United Technologies Corp. (NYSE:UTX), has acquired Precision Engine Controls Corp. (PECC), a leading designer and manufacturer of industrial and marine engine controls and services. PECC is a privately held company. Terms of the deal were not disclosed.
“This acquisition will significantly expand our position in the energy and marine turbine controls market,” said Joseph E. Triompo, President of Hamilton Sundstrand Engine & Control Systems unit. “PECC is a great addition to our engine systems business. Their products and people will be an integral part of our success in this growing market.”
PECC, based in San Diego, Calif., supplies valves, electric actuators and control systems for use in gas turbines in the energy and marine markets. The company employs approximately 125 people at its San Diego facility.
“PECC is very excited to join the UTC family,” said Precision Engine Controls Corp. President Cynthia L. Jones. “The opportunities for continued growth are significant and we look forward to the mutual benefits this transaction will bring.”
With 2006 revenues of $5 billion, Hamilton Sundstrand employs approximately 17,000 people worldwide and is headquartered in Windsor Locks, Conn. Among the world’s largest suppliers of technologically advanced aerospace and industrial products, the company designs, manufactures and services aerospace systems and provides integrated system solutions for commercial, regional, corporate and military aircraft. It also is a major supplier for international space programs.
United Technologies Corporation, based in Hartford, Conn., is a diversified company that provides high-technology products and services to the aerospace and building industries.
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This release includes "forward-looking statements" concerning anticipated benefits of an acquisition. These statements are subject to risks and uncertainties. Factors that could cause actual results to differ materially from those anticipated include, among others, delays or inability to receive necessary regulatory approvals or to integrate successfully the acquired business within Hamilton Sundstrand, and changes in assumed economic conditions. For information identifying additional economic, regulatory, technological, competitive and important factors that could cause UTC’s actual results to differ materially from those anticipated, see UTC’s SEC filings as updated from time to time, including, but not limited to, the discussion included in the "Business" and "Risk Factors" sections of UTC’s annual report on Form 10-K and the information included in UTC’s 10-K and 10-Q reports under the heading "Management's Discussion and Analysis of Financial Condition and Results of Operations.
