The Fairchild Corporation Closes Sale of Assets of Dallas Aerospace, Inc

Business Wire, Dec 1, 1999

DULLES, Va.--(BUSINESS WIRE)--Dec. 1, 1999--

The Fairchild Corporation (NYSE: FA) announced today that it had closed the sale of the assets of its Dallas Aerospace, Inc. subsidiary for approximately $57 million in cash, to United Technologies Corporation (NYSE:UTX).

Dallas Aerospace sells and leases aircraft engines and parts.

The Fairchild Corporation, through its Fairchild Fasteners division, is the leading worldwide manufacturer and supplier of precision fastening systems used in the construction and maintenance of commercial and military aircraft. Fairchild Fasteners has manufacturing facilities as well as sales/design customer teams based in the United States, Germany, France, Portugal, Hungary, Australia and the United Kingdom.

This news release contains forward-looking statements within the meaning of Section 27-A of the Securities Act of 1933, as amended and Section 21-E of the Securities Exchange Act of 1934, as amended. The Company's actual results could differ materially from those set forth in the forward-looking statements as a result of the risks associated with the Company's business, changes in general economic conditions, and changes in the assumptions used in making such forward-looking statements.