United Technologies Corporation has sold Empire to Steel Partners Holdings and Handy & Harman
Lincoln International (“Lincoln”), a leading global mid-market investment bank, is pleased to announce that it served as the exclusive financial advisor to Hamilton Sundstrand Corporation (“Hamilton” or the “Company”), a division of UTC Aerospace Systems (“UTAS”) and wholly owned subsidiary of United Technology Corporation (“UTC”) (NYSE:UTX), in the sale of its ElectroMagnetics Enterprise business (“Empire” or the “Business”) to Handy & Harman Ltd. (“HNH”) (NASDAQ: HNH), a diversified global industrial company and subsidiary of Steel Partners Holdings L.P. (NYSE:SPLP).
Empire designs, manufactures and assembles complex, custom engineered electric motors and generators for the hybrid electric bus, transport refrigeration and aerospace industries. The Business provides a turnkey solution that is tailored to meet the specific needs of its global, blue-chip customers. These customers include BAE Systems, Carrier Transicold, UTC Aerospace Systems and Parker Hannifin. Empire’s in-house capabilities range from custom design and prototyping to fabrication, assembly and testing.
Lincoln acted as the exclusive financial advisor to UTAS, working closely with the Company and Empire’s management team throughout the sale process. This included providing M&A advisory expertise and managing the marketing, negotiation and due diligence phases of the transaction.
About UTC Aerospace Systems
UTC Aerospace Systems designs, manufactures and services integrated systems and components for the aerospace and defense industries. UTC Aerospace Systems supports a global customer base with significant worldwide manufacturing and customer service facilities.
United Technologies Corp., based in Farmington, Connecticut, provides high-technology systems and services to the building and aerospace industries. To learn more about UTC, please visit www.utc.com or follow the company on Twitter: @UTC.
About Handy & Harman Ltd.
Handy & Harman Ltd. is a diversified manufacturer of engineered niche industrial products, with leading market positions in many of the markets it serves. Through its wholly-owned operating subsidiaries, HNH focuses on high-margin products and innovative technology and serves customers across a wide range of end markets. HNH’s diverse product offerings are marketed throughout the United States and internationally.
HNH’s companies are organized into six businesses: Joining Materials, Tubing, Building Materials, Performance Materials, Electrical Products and Kasco.
The Company sells its products and services through direct sales forces, distributors and manufacturers’ representatives. HNH serves a diverse customer base, including the construction, electrical, electronics, transportation, power control, utility, medical, oil and gas exploration, aerospace and defense and food industries. To learn more about HNH, please visit www.handyharman.com.
“Lincoln’s highly relevant industry and transaction expertise, extensive relationships with the global buyer universe and experience with corporate divestitures were invaluable to UTAS. Throughout the entire sale process, Lincoln remained highly engaged and functioned as a critical extension of our internal M&A team. This resulted in a successful and timely transaction, and an ideal home for Empire in Handy & Harman. Our organization is very pleased with Lincoln’s efforts."
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