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United Tech to suspend share buybacks for three-four years to cut debt
September 5, 2017 / 12:22 PM / 16 days ago

United Tech to suspend share buybacks for three-four years to cut debt

FILE PHOTO: The ticker symbol for United Technologies is displayed at the post where it is traded on the floor of the New York Stock Exchange (NYSE)in New York, U.S. on February 23, 2016. REUTERS/Brendan McDermid/File Photo

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