September 5, 2017 / 12:52 PM / 19 days ago

United Tech sees limited divestment; needs cash flow to reduce debt

NEW YORK, Sept 5 (Reuters) - Aerospace and industrial company United Technologies Corp said on Tuesday it is not planning quick divestments of businesses after it agreed to acquire avionics supplier Rockwell Collins Inc in a $23 billion deal.

The company needs cash flow from all of its businesses to help reduce debt and retain its investment-grade credit rating, United Tech Chief Executive Officer Greg Hayes said on a conference call with analysts.

United Tech expects to borrow $15 billion to fund the deal and assume $7 billion in Rockwell Collins debt. (Reporting by Alwyn Scott; Editing by Nick Zieminski)

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