On Wednesday, United Technologies (RTX 0.68%) announced that it will sell its Pratt & Whitney Power Systems unit to Mitsubishi Heavy Industries in a deal expected to close in the second quarter of 2013. Financial terms of the deal were not disclosed.
UTC described the move as part of an effort to focus on its "core aerospace and commercial businesses." Mitsubishi Heavy Industries recently signed an agreement with Hitachi to merge the two companies' Thermal Power Generation businesses into a new joint venture some time next year.
