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Reuters
United Technologies Corp. said it will buy Cade Industries Inc., a leading manufacturer of jet engine test facilities, for $109 million in cash and the assumption of $20 million in debt. The diversified industrial manufacturing firm said Cade will be integrated into its Pratt & Whitney Engine Services unit. UT will pay $5.05 a share for all 21.6 million outstanding Cade shares. In Nasdaq trading, Cade stock reached a 52-week high of $4.94, then eased slightly to close at $4.88, up $1; United Technologies stock closed off 25 cents at $55.75 on the NYSE.
