United Technologies(Redirected from United Technologies Corp)
United Technologies Corporation (UTC) is an American multinational conglomerate headquartered in Farmington, Connecticut. It researches, develops, and manufactures products in numerous areas, including aircraft engines, aerospace systems, HVAC, elevators and escalators, fire and security, building systems, and industrial products, among others. UTC is also a large military contractor, getting about 10% of its revenue from the U.S. government. Gregory J. Hayes is the CEO and chairman.
|Traded as||NYSE: UTX|
S&P 100 Component
S&P 500 Component
|Predecessor||United Aircraft Corporation|
|Founded||1934 (as United Aircraft Corporation)|
1975 (as United Technologies Corporation)
|Gregory J. Hayes|
(President, Chairman and CEO)
|Revenue||US$59.837 billion (2017)|
|US$8.672 billion (2017)|
|US$4.552 billion (2017)|
|Total assets||US$96.920 billion (2017)|
|Total equity||US$29.610 billion (2017)|
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.
Mostek was sold in 1985 to the French electronics company Thomson.
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.
In April 2010, UTC announced that it was investing €15 million ($20 million) to set up the United Technologies Research Centre Ireland in University College Cork 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 February 2016, UTC subsidiary Carrier Air Conditioner announced to employees at its Indianapolis plant 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 1,100 jobs in Indianapolis.
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. 
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$98.6 billion in October 2018. UTC ranked No. 51 in the 2018 Fortune 500 list of the largest United States corporations by total revenue.
in mil. USD$
in mil. USD$
in mil. USD$
|Price per Share
- 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.
UTC is the sponsor of the exhibition "Aphrodite and the Gods of Love" at Boston's Museum of Fine Arts that opened in fall 2011.
UTC and its subsidiaries are major contributors to museums such as the New England Air Museum.
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, the second lowest amount by the top 10 listed companies.
- "Locations". utc.com. Retrieved February 1, 2016.
- "Louis Chenevert stepping down as CEO of United Technologies, being replaced by Gregory J. Hays". Market Business News. 24 November 2014. Retrieved 2014-11-24.
- "United Technologies Annual Report 2017" (PDF). UTC. Retrieved 23 May 2018.
- Ehrenfreund, Max (5 December 2016). "CEO: United Tech. considered federal contracts in decision to keep Indiana jobs in deal with Trump". The Washington Post. Retrieved 2 January 2016.
I also know that about 10 percent of our revenue comes from the U.S. government," [United Technologies chief executive Greg Hayes] said.
- "CorpWatch : United Technologies". Archived from the original on July 4, 2015. Retrieved July 3, 2015.
- "UTC Names Gregory J. Hayes As President And Chief Executive Officer". CNN. November 24, 2014. Archived from the original on November 29, 2014. Retrieved November 24, 2014.
- Fernandez 1983.
- Fernandez 1983, p. 246.
- Fernandez 1983, pp. 246–251.
- Fernandez 1983, pp. 260–264.
- Schweizer acquisition press release Archived April 10, 2008, at the Wayback Machine
- John Pike. "Sikorsky opens HAWK WORKS™ completion center for military helicopters". Retrieved July 3, 2015.
- UTC's bid for Diebold
- "Diebold rejects $2.63 billion buyout bid - Business - US business - msnbc.com". MSNBC. 2008-03-03. Retrieved 2012-02-16.
- "Archived copy". Archived from the original on December 30, 2013. Retrieved April 25, 2013.CS1 maint: Archived copy as title (link)
- Clipper Windpower Gets GBP126.5 Million Investment From United Tech[permanent dead link]
- "Clipper says UTC to buy 49.5 percent stake". Reuters. Retrieved July 3, 2015.
- Terry Macalister. "United Technologies Corporation flies to the rescue of Clipper Windpower". the Guardian. Retrieved July 3, 2015.
- UTC aims to take 49.5% of Clipper Windpower Archived March 5, 2012, at the Wayback Machine
- [dead link]
- UTC to acquire remaining interest in Clipper Windpower North American Windpower, October 18, 2010. Retrieved: October 23, 2010.
- "United Technologies to acquire Goodrich in USD 18.4 bn deal". September 23, 2011.
- "United Technologies sent military copter tech to China". Reuters. June 28, 2012.
- Winter, Michael (June 28, 2012). "United Technologies sold China software for attack copter". USA Today.
- Nirappil, Fenit (February 12, 2013). "ClearEdge Power finalizes acquisition of UTC Power". The Oregonian. Retrieved 24 February 2013.
- "Toshiba and United Technologies ink deal to expand outside Japan" (Press release). Reuters. 16 October 2014.
- UTC Building & Industrial Systems Completes CIAT Acquisition
- "Lockheed Martin Completes Acquisition of Sikorsky Aircraft · Lockheed Martin". lockheedmartin.com. Retrieved 2016-02-18.
- Mann, Ted (13 February 2016). "Viral Video Over Plant Closure Gets Attention in GOP Debate". The Wall Street Journal. Retrieved 3 March 2016.
- "UTC CEO says no 'quid pro quo' on keeping Indiana plant open". CNBC. 2016-12-05. Retrieved 2016-12-15.
- "United Technologies To Acquire Rockwell Collins For $30 Billion" (Press release). United Technologies. September 4, 2017.
- Craver, Richard (2018-11-27). "UTC completes $30B deal for Rockwell Collins, announces three-way split of company". Winston-Salem Journal.
- "United Technologies Financial Statements 2005-2018 | UTX". www.macrotrends.net. Retrieved 2018-10-30.
- "Fortune 500 Companies 2018: Who Made the List". Fortune. Retrieved 2018-11-10.
- "Without Fanfare, UTC Relocates World Headquarters to a Farmington Office Park". Hartford Courant. Hartford, Connecticut. 2015-09-04. Retrieved 2017-08-15.
- "United Technologies Announces Organization and Leadership Changes To Commercial Businesses". www.utc.com. Retrieved 2016-05-23.
- Carrier Corporation (November 21, 2008). "Carrier Acquires Noresco to Expand Energy Solutions Capabilities". Retrieved July 3, 2015.
- "GFI Energy Ventures LLC Completes Sale of NORESCO to Carrier". Bloomberg.
- Kidde (US)
- "Home - United Technologies Research Center". Retrieved July 3, 2015.
- http://www.lockheedmartin.com/us/news/press-releases/2015/november/151106-lockheed-martin-acquires-sikorsky.html. Lockheed Martin Corporation. November 6, 2015. Retrieved November 8, 2015.
- http://www.pzlmielec.pl/en/media/news/art,100,lockheed-martin-completes-acquisition-of-sikorsky-aircraft.html. PZL Mielec. November 6, 2015. Retrieved November 8, 2015.
- Kinsman, Susan E. (2000-12-17) "A Thirst For Juice" http://articles.courant.com/2000-12-17/business/0012170324_1_international-fuel-cells-power-market-power-production. The Courant. Retrieved 2013-08-20
- Dowling, Brian (2013-05-17) "Tokyo Manufacturer Closes On Purchase Of Pratt Land-Turbine Business" http://articles.courant.com/2013-05-17/business/hc-pratt-whitney-power-systems-deal-20130517_1_pratt-whitney-power-systems-east-hartford-mhi. The Hartford Courant. Retrieved 2013-08-20.
- "Agribusiness". Archived from the original on April 25, 2008. Retrieved July 3, 2015.
- Drinkard, Jim (2005-01-17). "Donors get good seats, great access this week". USA Today. Retrieved 2008-05-25.
- "Financing the inauguration". USA Today. 2005-01-16. Retrieved 2008-05-25.
- "Archived copy" (PDF). Archived from the original (PDF) on September 19, 2011. Retrieved August 27, 2011.CS1 maint: Archived copy as title (link)
- Matt. "New England Air Museum". Retrieved July 3, 2015.
- "Toxic 100 Index". Political Economic Research Institute. Archived from the original on July 27, 2010. Retrieved November 26, 2008.
- "United Technologies". Political Economic Research Institute. Archived from the original on 2008-12-21. Retrieved 2008-11-26.
- "United Technologies and the Environment". MNN - Mother Nature Network. Retrieved 2017-04-17.
- Baylor, Matthew (2016-10-26). "Toxic 100 Air Polluters Index: 2016 Report, Based on 2014 Data)". PERI. Retrieved 2017-04-17.