United Technologies Not Afraid of a Large Acquisition, Executive Says
UTC Chief Executive Gregory Hayes told investors that he’s still open to doing a “big deal” after its Honeywell merger bid fell through 10 days ago.
Hayes told investors UTC's commercial business was hungry to make an acquisition.
It’s been 10 days since United Technologies’ merger bid was rejected by Honeywell. But as UTC Chief Executive Gregory Hayes told investors on Thursday, the company is still looking for a large acquisition.
“I wouldn’t be afraid to do a big deal,” Hayes said, as reported by Reuters. But “it’s got to be something that’s actionable … and the regulatory hurdles have to be manageable.”
Hayes’ comments are in tune with UTC’s public statements on the merger attempt, which stated back in February that a merger with Honeywell “would face insurmountable regulatory obstacles and strong customer opposition.”
Despite Hayes’ openness to an acquisition, he told investors the company is poised for “huge growth” even without a deal. His projection is based off urbanization and rising disposable incomes in the developing world.
Hayes also said there was interest from UTC’s commercial businesses — such as elevators, fire and security systems —to make an acquisition, according to the report.
NEXT: Honeywell CEO on Failed UTC Merger: ‘If They Don’t Want to Do It, They Don’t Want to Do It’
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