United Technologies Aerospace Systems (UTX.N) anticipates compound yearly revenue development to average 6 percent over the next five years, and is looking for acquisitions in 4 key areas, an executive said on Monday. The business is searching for acquisitions in avionics, interiors, structures and hydraulics, UTC Aerospace Systems President Dave Gitlin told a media briefing, keeping in mind those are areas where UTC does not yet have a huge presence. Any acquisitions likely would increase earnings development beyond the 6 percent gotten out of existing operations, he said.
Gitlin stated that following development of UTC Aerospace Systems by the acquisition of Goodrich 4 years ago, “we now have the foundation in location to do bolt-on acquisitions.” Offers are not needed for development, he added.
( Reporting by Alwyn Scott; Modifying by Tom Brown).