United Technologies Corporation notes that Honeywell announced this morning it is no longer pursuing a strategic combination with UTC. This is the appropriate outcome given the strong regulatory obstacles, negative customer reaction and the potential for a protracted review process that would have destroyed shareholder value.
As we noted in our release earlier this week, UTC will remain laser focused on our key priorities – program execution, innovation, cost reduction and disciplined capital allocation. Our outlook remains strong and our industry-leading franchises are well positioned to deliver strong earnings growth and create shareholder value well into the future. *
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