United Tech Bids $2.6B for Diebold

zhang1983 writes "United Technologies, parent company of jet engine-maker Pratt & Whitney, Otis elevator and Sikorsky Aircraft, said it made the unsolicited offer to Diebold for $2.63 billion on Friday after trying to negotiate a deal for two years. United Technologies said the company announced the offer Sunday night because executives believe their offer is "so compelling we thought shareholders should know about it.""

It's probably not about Premier Elections Systems

[morgan_greywolf]

It's probably not about Premier Elections Systems. The companies United Tech are all aerospace and defense contractor. Diebold sells a lot of security systems products and services. It's probably more about that than about the election machines.

Confusion

[captaindirtnap]

2-3 Billion$ ATM business... 100 Million$ Election system business... Why do people think Diebold is primarily election systems-based?

Re:Sikorsky Aircraft?

[Constantine XVI]

According to Wikipedia (http://en.wikipedia.org/wiki/United_Technologies [wikipedia.org]); United Tech (Sikorsky's parent) is based in Hartford, CT

Re:It's probably not about Premier Elections Syste

[GWLlosa]

That is entirely correct. Diebold is one of the key players in the ATM business, as well as being a major provider of banking security equipment. To clarify (since this is slashdot) banking security here refers to safes, cameras, locks, and bulletproof teller windows, not encrypted data on the server or anything. They've also made a significant effort to streamline banking processes in recent times; they've got a fair amount of technology relating to scanning and transmitting financial documents, so as to preclude the need to send the physical document itself.

Elections, despite the notoriety it has caused, is more or less a 'side' business for Diebold, which was probably the result of someone high-up watching the Gore VS Bush Florida recount debacle and saying to himself, "Now THAT [election devices] looks like a growth market right there..." As far as I know, the 'Diebold Election Systems' branch was simply bought and bolted on to the company.

Re:It's probably not about Premier Elections Syste

[sunking2]

Actually that is far from true. UTC is about as diversified a company as you can find. While known as and still probably slightly tilted in the aerospace/defense side they include such heavy weights as Otis Elevator and Carrier. I think carrier at this point is on par if not greater than even Pratt revenue wise. In fact, if you look over the last 5 years their industrial companies are far outpacing the aero side in annual growth. A good reason why their stock is a pretty good bet, especially in times like these. Sure they won't pull a google, but if you are looking for an almost guaranteed 10%-15% over any given 5 years they are a pretty good bet.

Re:Sikorsky Aircraft?

[gedeco]

Igor Sikorsky:
the Wikipedia article you should have read
http://en.wikipedia.org/wiki/Igor_Sikorsky [wikipedia.org]

Guess its a hostile take over

[sunking2]

I thought this was interesting. http://utc.com/press/releases/2008-03-02.htm [utc.com]

Re:Sikorsky Aircraft?

[Anonymous Coward]

From said article:
"In 1928, Sikorsky became a naturalized citizen of the United States. The next year, Sikorsky Aero Engineering Company was purchased by, and became a subsidiary of, United Aircraft, itself now a part of United Technologies Corporation."

Re:Yeah but...

[The Analog Kid]

Republicans used to be progressive eco-friendly and moral see Abraham Lincoln.

If you think Abraham Lincoln wasn't racist, you're lying to yourself.

"I will say then that I am not, nor ever have been in favor of bringing about in anyway the social and political equality of the white and black races - that I am not nor ever have been in favor of making voters or jurors of negroes, nor of qualifying them to hold office, nor to intermarry with white people; and I will say in addition to this that there is a physical difference between the white and black races which I believe will forever forbid the two races living together on terms of social and political equality. And inasmuch as they cannot so live, while they do remain together there must be the position of superior and inferior, and I as much as any other man am in favor of having the superior position assigned to the white race. I say upon this occasion I do not perceive that because the white man is to have the superior position the negro should be denied everything." -Abraham Lincoln

Because McCain is connected

[tomanjeri]

McCain's chief political advisor, Charlie Black, is currently a lobbyist for United Tech, that's why this would benefit Republicans.
The Anti-Lobbyist, Advised by Lobbyists [washingtonpost.com]