Honeywell Prods United Technologies by Releasing Offer Details

February 27, 2016 in Markets

The news comes a day after Honeywell, a major maker of aerospace components, confirmed it had held deal talks with United Technologies Corp (UTX.N) over the past year.

Honeywell initially ratcheted up pressure by unveiling details of its takeover proposal and again making the case for merging two of America's largest industrial companies. United Tech had said a deal would "face insurmountable regulatory obstacles".

Honeywell International Inc.is based in Morris Plains, New Jersey. Boeing Co (NYSE: BA) was quoted as saying that "healthy competition in our supply chain is vitally important to Boeing and our commercial and military customers... we would anticipate taking a very close look at the potential impact on us and our customers of a Honeywell-UTC merger of acquisition". A deal would likely be blocked by antitrust regulators or require heavy divestitures, said CEO Gregory Hayes, reiterating similar comments he made this week.

Honeywell said Friday that it estimates the deal will have about $3.5 billion in cost synergies realized by the fourth year of operations. The company had revenue of $14.30 billion for the quarter, compared to the consensus estimate of $15.35 billion. The company said much of the estimated savings will come from more leverage in prices due to higher volumes and benefits such as consolidating real estate and contract manufacturing. The executive began by stating that it evaluates all opportunities that could benefit shareholders and management previously explored combining with Honeywell "on-and-off for years" to determine if a combination would create shareholder value.

United Technologies' strengths such as its compelling growth in net income, good cash flow from operations and largely solid financial position with reasonable debt levels by most measures are countered by weaknesses including a generally disappointing performance in the stock itself, disappointing return on equity and feeble growth in the company's earnings per share.

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