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Diversified business conglomerate United Technologies Corp. (UTX - Analyst Report) recently announced its plans to redeem all of its outstanding 3.6% notes due 2021 related to the erstwhile Goodrich Corporation. The principal amount of the notes aggregate $294.2 million.

On Jul 26, 2012, United Technologies acquired Goodrich for $16.5 billion and merged it with the legacy Hamilton Sundstrand division to form a new operating segment named UTC Aerospace Systems. Hamilton Sundstrand is among the world’s leading suppliers of technologically advanced aerospace and industrial products and aftermarket services for diversified industries worldwide. Its product portfolio includes power generation, management and distribution systems, flight systems, engine control systems, environmental control systems, fire protection and detection systems, auxiliary power units and propeller systems. Aftermarket services include spare parts, overhaul and repair, engineering and technical support and fleet maintenance programs.

The acquisition resulted in the merger of the two leading aircraft manufacturers in the industry to create a behemoth that produce aviation equipments for premier companies such as The Boeing Company (BA - Analyst Report), Lockheed Martin Corporation (LMT - Analyst Report), and Airbus. The merger also led to economies of scale, increased financial flexibility, and complementary products at an opportune time when the commercial aerospace industry is poised for growth.

Based in Hartford, Conn., United Technologies provides high-end technology products and services to the building systems and aerospace industries worldwide. The company serves various end markets such as aerospace, defense and commercial construction. The business diversification allows the company to remain profitable amid tough economic times.

United Technologies’ operations are primarily classified into two principal businesses: commercial and aerospace. Under its commercial business, the company has Otis and the UTC Climate Controls & Security division, which combined the former Carrier and UTC Fire & Security divisions. The aerospace business of the company consists of Sikorsky aircraft and the UTC Propulsion & Aerospace Systems, which include UTC Aerospace Systems and Pratt & Whitney divisions. Concurrently, United Technologies presently has five principal business segments: Otis; UTC Climate, Controls & Security; Pratt & Whitney; UTC Aerospace Systems; and Sikorsky.

United Technologies currently has a Zacks Rank #3 (Hold), while another company in the industry – Federal Signal Corp. (FSS - Snapshot Report) – carries a Zacks Rank #2 (Buy).

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