Contact: Peter Murphy FOR IMMEDIATE RELEASE
(860) 728-7977 www.utc.com
United Technologies Corp. Announces the Early Termination of the Hart-Scott-
Rodino Waiting Period in Connection with the Acquisition of Specialty Equipment
Companies, Inc.
HARTFORD, Conn., Nov. 2, 2000 - United Technologies Corp. (NYSE:UTX)
announced that the waiting period imposed by the Hart-Scott-Rodino Antitrust
Improvements Act of 1976 in connection with the agreement to acquire Specialty
Equipment Companies, Inc. (NYSE:SEC) received early termination from the Federal
Trade Commission.
As previously announced, UTC entered into a definitive agreement to
acquire Specialty pursuant to which on October 23, 2000 UTC commenced a tender
offer to acquire all outstanding shares of common stock of Specialty for $30.50
per share, net to the seller in cash. The tender offer will expire at 12:00
midnight, New York City time, on Monday, November 20, 2000 unless the offer is
extended.
This release contains forward-looking statements as defined under
securities laws, including statements about the completion of the transaction.
Such forward-looking statements involve risks and uncertainties including those
inherent in completing a tender offer.
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