United Technologies Aerospace 6 percent growth, eyes M&A

WINDSOR LOCKS, Conn. (Reuters) - United Technologies Aerospace Systems (NYSE: UTX) expects compound annual revenue growth to average 6 percent over the next five years, and is looking for acquisitions in four key areas, an executive said on Monday.

The company is looking for acquisitions in avionics, interiors, structures and hydraulics, UTC Aerospace Systems President Dave Gitlin told a media briefing, noting those are areas where UTC does not yet have a large presence. Any acquisitions likely would boost revenue growth beyond the 6 percent expected from existing operations, he said.

Gitlin said that following creation of UTC Aerospace Systems by the acquisition of Goodrich four years ago, "we now have the foundation in place to do bolt-on acquisitions." Deals are not necessary for growth, he added.

(Reporting by Alwyn Scott; Editing by Tom Brown)

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