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EU Opens In-Depth Probe Of UTC's Proposed Buy Of Goodrich

03/27/2012 | 03:45am US/Eastern
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The European Commission said Tuesday it has opened an in-depth antitrust investigation into United Technologies Corp.'s (UTX) proposed purchase of Goodrich Corp. (>> Goodrich Corporation) on concerns that it could undermine competition in some parts of the aviation equipment sector.

"The Commission's preliminary investigation indicated potential competition concerns regarding the markets for engine controls and AC power generators, where the parties would have very high combined market shares," the commission, which has antitrust powers in the European Union, said.

"The Commission also has vertical concerns concerning the removal of Goodrich as an independent supplier of fuel nozzles and engine controls, as well as in the area of aftermarket services."

-By Alessandro Torello, Dow Jones Newswires; +32 2 741 14 88; alessandro.torello@dowjones.com

Corrected March 27, 2012 11:53 ET (1553 GMT)

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