United Technologies set to sell Rocketdyne unit to GenCorp

United Technologies has reached an agreement to sell its Rocketdyne unit, currently part of Pratt & Whitney, to GenCorp for $550m (£350m).

Proceeds from the sale will be used to repay a portion of the short-term debt incurred to finance the proposed acquisition of Goodrich.

The transaction, expected to close in the first half of 2013, is subject to customary closing conditions, including regulatory approvals.