The chief financial officer of United Technologies Corp. says the conglomerate will more likely sell business units than issue stock to finance its $16.4 billion purchase of aerospace supplier Goodrich Corp.
CFO Greg Hayes told analysts Wednesday that the Hartford, Conn., company wants to minimize the amount of equity it will issue to maintain its credit ratings. He says an alternative is to dispose of noncore businesses.
United Technologies announced in September it plans to buy the Charlotte, N.C.-based Goodrich.
The company had planned to sell about $4 billion in equity and take on $12 billion in debt to fund the Goodrich deal. Hayes said Wednesday the equity sale will not total $4 billion, though he did not say how much will be issued.
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The company will spell out its financing plans in mid-March.
United Technology shares rose 32 cents to $80.60 in midday trading.