CBJ Report: Rockwell shareholders to vote on UTC deal next month


Every week, the Corridor Business Journal shares stories it's working on with CBS2/FOX28. Here are some of their top stories that will appear in Monday's edition of the CBJ.

Rockwell shareholders to vote on UTC deal next month

Rockwell Collins will convene a special shareowner meeting Jan. 11 to vote on the proposed $30 billion acquisition of Rockwell Collins by United Technologies Corp (UTC).

UTC agreed in September to pay $23 billion in cash and stock plus another $7 billion in assumed debt to buy the Cedar Rapids-based avionics contractor in a deal dubbed the largest aerospace acquisition in history by the Wall Street Journal.

The merger is expected to be finalized in the third quarter of fiscal 2018, with plans to create a new Collins Aerospace Systems business with its Aerospace Systems businesses, including components suppliers Goodrich and Hamilton Sundstrand.

Rockwell shareholders of record at the close of business on Dec. 8 will be entitled to vote on proposals related to the proposed acquisition. A separate annual shareholders meeting is set for Feb. 1, 2018.

Rockwell officials have said the newly merged company could decide the location of its corporate headquarters by the end of March, according to a recent Securities and Exchange Commission filing.

Multifamily project proposed for S. Dubuque Street in IC

A three-lot cluster of properties in the 700 block of South Dubuque Street in Iowa City that sold recently to Breckenridge Apartments could be rezoned for a four-story apartment building.

Breckenridge Apartments paid $1.57 million to acquire 703, 705 and 709 S. Dubuque Streets. The structure on the parcel includes a 137-year-old, two-story house and the Bill's Plumbing & Heating office at 703 S. Dubuque St. The parcels were sold by Dorothe Connell estate on Nov. 16.

The buyer has submitted an application to rezone the property from an intensive commercial zoning to the city's Riverfront Crossings Central Crossings zone. It has also submitted a concept plan calling for about 60 apartments in a four-story configuration, according to Bob Miklo, senior planner for the city of Iowa City.

Breckenridge Apartments' concept for the site resembles in many respects a five-story project the company recently completed on the north side of Iowa City, Mr. Miklo said. The Iowa City Planning and Zoning Commission will take up the request during its meeting at 7 p.m. on Dec. 21.

Ethan Allen coming to Iowa River Landing

High-end furniture and home accessories retailer Ethan Allen is planning a move into Coralville's Iowa River Landing development next year.

The new showroom will occupy 8,900 square feet of the new Watts Group mixed-use building that is set to break ground directly to the north of Scratch Cupcakery within the next month. The store is expected to open in January 2019.

Founded in 1932, Ethan Allen is known for providing "livable luxury." Offerings include wood furniture, artwork, lighting, window coverings and more. The company designs and builds most of what it sells.

“We are very excited to add Ethan Allen to the retail experience of the Iowa River Landing,” IRL Director of Leasing Deanna Trumbull said in a statement. "They will complement Von Maur, Diamond Leaf Jewelers, J.Jill and lululemon as the area continues to become a premier destination for shoppers both in the region and beyond.”

The store will be Ethan Allen's fourth in Iowa and its second in the Corridor. The company currently has a showroom located on Twixt Town Road in Cedar Rapids.

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