United Technologies to sell P&W Power Systems unit to Mitsubishi Heavy Industries

United Technologies has reached agreement to sell its Pratt & Whitney Power Systems unit, currently part of Pratt & Whitney, to Mitsubishi Heavy Industries (MHI). Terms of the agreement were not disclosed and the transaction is expected to close in the second quarter of 2013. Divesting Power Systems allows UTC to focus on its core aerospace and commercial businesses. The transaction is subject to customary closing conditions, including regulatory approvals.