I presented two and a half days of finance training with United Technology Corporation (UTC). UTC acquired Goodrich about 6 months ago. Goodrich has been a great client for 4-5 years. Now that UTC owns Goodrich our relationship continues. The division at UTC/Goodrich we work with is based in the San Diego area. This last session was right off the beach in Carlsbad, CA. Not a bad spot for training or anything else. The days were all sunny and 70 degrees and surprisingly everyday there was a great day for finance.
The class went well. With the merger a finance class can get pretty interesting. We did ratios for the new company and were able to see how the ratios at UTC are different than Goodrich. While both companies have very strong balance sheets UTC has lower margins than Goodrich did. One of the big issues presented in the recent annual press release was the lowering margins at UTC. We could all see how a merger with Goodrich could help UTC with its overall margin. We could also see how the $18.5 billion purchase price was booked on the UTC balance sheet.
The meals were great there and the group has lots of great questions. Finally, I never complain about doing time in Carlsbad, CA.