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United Tech to suspend share buybacks for 3-4 years to cut debt
September 5, 2017 / 12:17 PM / 2 months ago

United Tech to suspend share buybacks for 3-4 years to cut debt

NEW YORK, Sept 5 (Reuters) - Aerospace and industrial company United Technologies Corp said on Tuesday it would be suspended share buybacks for three to four years as a result of acquiring avionics supplier Rockwell Collins, to allow it to reduce debt.

United Technologies said it would continue to pay dividends after the $30 billion acquisition, which it announced on Monday . The acquisition includes $7 billion in Rockwell Collins debt, and United Tech will take on additional debt to help fund the cash-and-stock deal. (Reporting by Alwyn Scott)

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