United Technologies has reached agreement to sell its Rocketdyne unit, currently part of Pratt and Whitney, to GenCorp Inc. for $550 million. The transaction is expected to close in the first half of 2013.

As previously announced, proceeds from the sale will be used to repay a portion of the short-term debt incurred to finance the proposed acquisition of Goodrich Corporation. The transaction is subject to customary closing conditions, including regulatory approvals.

"We are pleased to announce GenCorp's agreement to purchase Rocketdyne. It is a significant step in our ongoing portfolio transformation," said UTC Chairman and Chief Executive Officer Louis Chenevert.

"While it is not core to UTC's commercial building systems and aerospace businesses, Rocketdyne is a solid company and a national asset with many talented employees. Leading up to the closing with GenCorp, we will remain focused on operational excellence and 100 percent mission success."

United Technologies Corp., based in Hartford, Connecticut, is a diversified company providing high technology products and services to the building and aerospace industries.