NEW YORK (CNNMoney) -- The stock for Goodrich Corp. shot up on Thursday after United Technologies struck a deal to buy the aerospace company for more than $18 billion.
Goodrich (GR, Fortune 500) rose 10% after United Technologies announced the $18.4 billion deal on Wednesday, which includes $1.9 billion in net debt.
Shares for United Technologies (UTX, Fortune 500) fell more than 6%.
United Technologies said it plans to finance the deal with mostly with debt, though about a quarter of the purchase will be paid for through the issuing of stock.
United Technologies is an aerospace and defense industry company that "manufactures everything from elevators and escalators to helicopters and fuel cells." Goodrich manufactures aircraft landing gear, such as wheels and brakes, and electronic systems.
Goodrich Chief Executive Marshall Larsen said the merger with United Technologies "will enable us to shape the future of aerospace through continued innovation, increased global scale and the best talent in the industry."
Earlier this month, Goodrich landed a production order to help create precision guidance systems for the Turkish company Rokestan Missiles Industries. 
