United Technologies Corporation (UTC) was an American multinational conglomerate headquartered in Farmington, Connecticut. It merged with the Raytheon Company in April 2020 to form Raytheon Technologies. It researched, developed, and manufactured products in numerous areas, including aircraft engines, aerospace systems, HVAC, elevators and escalators, fire and security, building automation, and industrial products, among others. UTC was also a large military contractor, getting about 10% of its revenue from the U.S. government. Gregory J. Hayes was the CEO and chairman.
|Traded as||NYSE: UTX|
|Fate||Merged with Raytheon Corporation to form Raytheon Technologies; Otis and Carrier spun off.|
|Predecessor||United Aircraft Corporation|
|Founded||1934 (as United Aircraft Corporation)|
1975 (as United Technologies Corporation)
|Founder||Frederick Rentschler (for the United Aircraft line)|
|Defunct||April 3, 2020|
|Revenue||US$66.501 billion (2018)|
|US$8.553 billion (2018)|
|US$5.269 billion (2018)|
|Total assets||US$134.211 billion (2018)|
|Total equity||US$38.446 billion (2018)|
Number of employees
1970s and 1980sEdit
In 1974, Harry Gray left Litton Industries to become the CEO of United Aircraft. He pursued a strategy of growth and diversification, changing the parent corporation's name to United Technologies Corporation (UTC) in 1975 to reflect the intent to diversify into numerous high tech fields beyond aerospace. (The change became official on May 1, 1975.) The diversification was partially to balance civilian business against any overreliance on military business. UTC became a mergers and acquisitions (M&A)–focused organization, with various forced takeovers of unwilling smaller corporations. The next year (1976), UTC forcibly acquired Otis Elevator. In 1979, Carrier Refrigeration and Mostek were acquired; the Carrier deal was forcible, while the Mostek deal was a white knight move against hostile takeover designs by Gould.
At one point the military portion of UTC's business, whose sensitivity to "excess profits" and boom/bust demand drove UTC to diversify away from it, actually carried the weight of losses incurred by the commercial M&A side of the business. Although M&A activity was not new to United Aircraft, the M&A activity of the 1970s and 1980s was higher-stakes and arguably unfocused. Rather than aviation being the central theme of UTC businesses, high tech (of any type) was the new theme. Some Wall Street watchers questioned the true value of M&A at almost any price, seemingly for its own sake.
In 2003, UTC entered the fire and security business by purchasing Chubb Security.
In 2005, UTC further pursued its stake in the fire and security business by purchasing Kidde. Also in 2005, UTC acquired Boeing's Rocketdyne division, which was merged into the Pratt & Whitney business unit and renamed Pratt & Whitney Rocketdyne (later sold to Aerojet and merged into Aerojet Rocketdyne.
In April 2010, UTC announced that it was investing €15 million ($20 million) to set up the United Technologies Research Centre Ireland at University College Cork’s Tyndall National Institute which will carry out research on energy and security systems.
In October 2010, UTC agreed with Clipper to acquire the rest of the company.
In June 2012, it was discovered that UTC sold military technology to the Chinese. For pleading guilty to violating the Arms Export Control Act and making false statements, United Technologies and its subsidiaries were fined $75 million.
In January 2015, UTC Building & Industrial Systems completed the acquisition of CIAT Group, a leading HVAC manufacturing company in France. In November, Lockheed Martin completed its $9.0 billion acquisition of Sikorsky Aircraft.
In April 2015, UTC signed an education partnership agreement with the China Friendship Foundation for Peace and Development, a united front organization under the control of the Chinese People's Association for Friendship with Foreign Countries.
In February 2016, UTC subsidiary Carrier Air Conditioner announced to employees at its Indianapolis and Huntington plants, that Carrier is moving manufacturing to Mexico: "The best way to stay competitive and protect the business for long-term is to move production from our facility in Indianapolis to Monterrey, Mexico. " In December, Carrier agreed to keep the Indianapolis plant open, keeping 700 jobs in Indianapolis. The plant in Huntington, Indiana would still close their doors, leaving 700 employees jobless.
On September 4, 2017, UTC proposed to acquire Rockwell Collins in cash and stock for $23 billion, $30 billion including Rockwell Collins' net debt, for $500+ million of synergies expected by year four.
On November 26, 2018, the company announced the Rockwell Collins deal had closed, and that it will split into three independent companies. Pratt and Whitney and the newly-formed Collins Aerospace will remain under United Technologies, while Otis Elevator and UTC Climate, Controls & Security (doing business as Carrier) will be spun off as two independent companies.
In June 2019, United Technologies announced the intention to merge with defense contractor Raytheon to form Raytheon Technologies Corporation. The combined company, valued at more than $100 billion after planned spinoffs, would be the world's second-largest aerospace-and-defense company by sales behind Boeing. Although UTC will be the nominal survivor, the merged company will be headquartered in Waltham, Massachusetts, where Raytheon is based.
In March 2020, United Technologies Corporation announced the separations of Carrier and Otis.
For the fiscal year 2017, United Technologies reported earnings of US$4.552 billion, with an annual revenue of US$59.837 billion, an increase of 4.5% over the previous fiscal cycle. United Technologies shares traded at over $114 per share, and its market capitalization was valued at US$98.6 billion in October 2018. UTC ranked No. 51 in the 2018 Fortune 500 list of the largest United States corporations by total revenue.
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- Otis Elevator Company: Manufacturer, installer, and servicer of elevators, escalators, and moving walkways.
- Pratt & Whitney: Designs and builds aircraft engines and gas turbines.
- Collins Aerospace: Designs and manufactures aerospace systems for commercial, regional, corporate and military aircraft; a major supplier for international space programs. Provides industrial products for the hydrocarbon, chemical, and food processing industries, construction and mining companies. Collins Aerospace was formed following UTC's acquisition of Rockwell Collins in 2018, by combining the newly-acquired business with UTC Aerospace Systems, which itself was the result of a 2012 merger of Hamilton Sundstrand and the Goodrich Corporation.
- UTC Climate, Controls & Security: Makes fire detection and suppression systems, access control systems, and security alarm systems; provides security system integration and monitoring services.
- United Technologies Research Center (UTRC): A centralized research facility that supports all UTC business units in developing new technologies and processes.
- Clipper Windpower: A maker of wind turbines. In December 2010 Clipper Windpower was acquired by United Technologies Corporation. It was sold in 2012 to Platinum Equity LLC.
- Hamilton Standard: which became part of Hamilton Sundstrand, now part of UTC Aerospace Systems.
- Hamilton Test Systems, an Arizona-based developer of vehicle emission test equipment, which was sold to Georgetown Partners in December 1990, which renamed it Envirotest Systems Corp. It is now part of Environmental Systems Products Holdings (ESPH).
- Inmont: paint and resins, which was later sold to BASF
- Mostek semiconductor: from 1979 to 1985
- Norden Systems: a corporation that manufactures electronics systems for military use, now a part of Northrop Grumman.
- Pratt & Whitney Rocketdyne: sold in June 2013 and now part of GenCorp
- Sikorsky Aircraft: maker of helicopters for commercial, industrial, institutional, government, and military use; now a part of Lockheed Martin
- Turbo Power and Marine Systems, Inc: a manufacturer of simple-cycle electrical power generation units of 25 MW and 50 MW. Renamed Pratt & Whitney Power Systems in 2000, sold to Mitsubishi Heavy Industry in May 2013 and is now a MHI group company named PW Power Systems, Inc.
- UT Automotive: now a division of Lear Corporation
- UT Communications: bought Lexar and Stromberg Carlson, makers of telephone equipment, which were later sold to Memorex in 1985.
- UTC Power: a manufacturer of distributed power generation systems and fuel cells for commercial, transportation, and space and defense applications. It was sold to ClearEdge Power in February 2013.
During the 2004 election cycle, UTC was the sixth largest defense industry donor to political campaigns, contributing a total of $789,561. Sixty-four percent of UTC's 2004 contributions went to Republicans. UTC was also the sixth largest donor to federal candidates and political parties in the 2006 election cycle. Thirty-five percent of those contributions went to Democrats; 53% of the funds were contributed to Republicans.
In 1981, a contribution from UTC made possible the exhibition "Paris/Magnum: Photographs 1935–1981", featuring photographs of Paris taken by photographers of Magnum Photos, the agency founded in 1947 by Robert Capa, George Rodger, Henri Cartier-Bresson, William Vandivert, and David Seymour. A volume of the same title, with text by Irwin Shaw and an introduction by Inge Morath, was also published in 1981.
Researchers at the University of Massachusetts Amherst have identified UTC as the 38th-largest corporate producer of air pollution in the United States as of 2008. UTC released roughly 110,000 pounds of toxic chemicals annually into the atmosphere including manganese, nickel, chromium and related compounds.
In the 2016 University of Massachusetts Amherst Toxic 100 Air Polluters Index, UTC was ranked 9th by a toxicity population exposure score. It was also reported they release 60,000 pounds of toxins into the air.
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I also know that about 10 percent of our revenue comes from the U.S. government," [United Technologies chief executive Greg Hayes] said.
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