SAFRF - afran said to near $1.8B purchase of Raytheon unit

2023-06-14 13:07:16 ET

Safran ( OTCPK:SAFRF ) ( OTCPK:SAFRY ) is close to a $1.8 billion acquisition of a unit of Raytheon Technologies ( NYSE: RTX ) that makes flight controls for aircraft and missiles, Reuters reported, citing a person familiar with the matter.

The agreement would help Raytheon ( RTX ) to unload a low-margin business that was part of its $120 billion merger with United Technologies in 2020. It also would expand Safran’s ( OTCPK:SAFRF ) ( OTCPK:SAFRY ) presence in a market with rivals such as Moog ( NYSE: MOG.A ) ( NYSE: MOG.B ), Eaton ( NYSE: ETN ), Woodward ( NASDAQ: WWD ) and Parker-Hannifin ( NYSE: PH ).

Safran last week said it was in the bidding for Raytheon's ( RTX ) flight-controls business, following a Bloomberg News report describing the negotiations between the two aerospace giants.

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