UTC Climate, Controls & Security Signs Definitive Agreement to Sell Taylor Company
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UTC Climate, Controls & Security, a unit of United Technologies Corp. (NYSE: UTX), has signed a definitive agreement to sell Taylor Company to The Middleby Corporation (NASDAQ: MIDD), a publicly traded company in the foodservice industry. The sale is expected to close early in the third quarter, subject to customary closing conditions, including regulatory approvals. UTC Climate, Controls & Security is a leading provider of integrated building solutions, including heating, air conditioning and refrigeration systems, building controls and automation, and fire and security systems.
This action allows UTC Climate, Controls & Security's Carrier Transicold & Refrigeration Systems business to focus on its two core strengths in transport and commercial refrigeration, while providing Taylor Company with an excellent fit for its offerings, which are complementary to Middleby's industry-leading portfolio of companies focused on the foodservice business.
This release includes "forward looking statements" concerning an anticipated transaction, its financial and business impact, the beliefs and objectives of each party with respect thereto, and current expectations for future operating and financial performance, based on assumptions currently believed to be valid. Forward-looking statements can be identified by the use of words such as "expect," "plans," "strategy," "anticipate," "will," "confident" and other words of similar meaning in connection with a discussion of future operating or financial performance. At this time, it remains uncertain whether the transaction announced will be completed and what impact it will have on results of operations and financial condition of each company. These forward looking statements involve significant risks and uncertainties that could cause actual results to differ materially from those anticipated, including, but not limited to, the ability of the parties to satisfy the conditions precedent and consummate the anticipated transaction; the timing of consummation of the transaction; and the ability of each company to implement anticipated business plans following closing and achieve anticipated benefits. Other important economic, political, regulatory, legal, technological, competitive and other uncertainties are identified in filings submitted by United Technologies Corporation to the U.S. Securities and Exchange Commission from time to time, including its Quarterly Reports on Form 10-Q, Annual Reports on Form 10-K, and Current Reports on Form 8-K. The forward looking statements included in this press release are made only as of the date hereof. Each company undertakes no obligation to update the forward looking statements to reflect subsequent events or circumstances.