Pratt & Whitney Sells Turbine Unit to Mitsubishi
Pratt & Whitney is selling its Power Systems segment in order to better focus more on its core aerospace and commercial businesses.
The subsidiary of United Technologies Corp. announced Wednesday it is selling the turbine business to Mitsubishi Heavy Industries. Terms were not disclosed. The transaction is expected to close in the second quarter of 2013.
Pratt & Whitney applied its airplane engine technology to industrial gas turbines, which use heat from geothermal or other heat sources to vaporize a fluid with a lower boiling point. The vapor creates pressure to power a turbine that generates electricity.
United Technologies has been selling non-aerospace businesses to finance its $18.4 billion purchase of aerospace parts maker Goodrich Corp.
A spokesman for Pratt & Whitney said the Power Systems deal is separate.