United Technologies Corporation

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United Technologies Corporation
Traded as NYSEUTX
Dow Jones Industrial Average Component
S&P 500 Component
Industry Conglomerate
Predecessor United Aircraft Corporation
Founded 1975
Headquarters Hartford, Connecticut, United States
Area served
Key people
Gregory J. Hayes (President and CEO);[1] Frederick Rentschler, founder
  • Increase US$ 62.626 billion (2013) [2]
  • Increase US$ 57.708 billion (2012) [2]
  • Increase US$ 9.209 billion (2013) [2]
  • Decrease US$ 7.684 billion (2012) [2]
  • Increase US$ 5.721 billion (2013) [2]
  • Increase US$ 5.13 billion (2012) [2]
Total assets
  • Increase US$ 90.594 billion (2013) [3]
  • Increase US$ 89.409 billion (2012) [2]
Total equity
  • Increase US$ 33.219 billion (2013) [3]
  • Increase US$ 27.069 billion (2012) [3]
Number of employees
218,300 (2012)[4]
Website UTC.com

United Technologies Corporation (UTC) is an American multinational conglomerate headquartered in the United Technologies Building in Hartford, Connecticut.[5] It researches, develops, and manufactures high-technology products in numerous areas, including aircraft engines, helicopters, HVAC, fuel cells, elevators and escalators, fire and security, building systems, and industrial products, among others. UTC is also a large military contractor, producing missile systems and military helicopters, most notably the UH-60 Black Hawk helicopter.[6] Gregory Hayes is the current CEO.[7]



Main article: United Aircraft

1970s and 1980s[edit]

In 1974, Harry Gray left Litton Industries to become the CEO of United Aircraft.[8] 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.[9] (The change became official on May 1, 1975.) The diversification was partially to balance civilian business against any overreliance on military business.[8] UTC became a mergers and acquisitions (M&A)–focused organization, with various forced takeovers of unwilling smaller corporations.[8] The next year (1976), UTC forcibly acquired Otis Elevator.[10] In 1979, Carrier Refrigeration and Mostek were acquired;[11] 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.[8] 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.[8]

Mostek was sold in 1985 to the French electronics company Thomson.


UTC acquired Sundstrand Corporation in 1999, and merged it into UTC's Hamilton Standard unit to form Hamilton Sundstrand.


In 2003, UTC entered the fire and security business by purchasing Chubb Security.

In 2004, UTC acquired the Schweizer Aircraft Corporation which planned to operate as a wholly owned subsidiary[12] under their Sikorsky Aircraft division.

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 2007, UTC opened the Hawk Works,[13] a Rapid Prototyping and Military Derivatives Completion Center (RPMDCC) located west of the Elmira-Corning Regional Airport in Big Flats, NY.

In March 2008, UTC made a $2.63 billion bid to acquire Diebold, a Canton, Ohio based manufacturer of banking and voting machines.[14] Diebold rejected the buyout bid as inadequate.[15]

In November 2008, UTC's Carrier Corporation acquired NORESCO,[16][17] which is one of the nation's largest energy service companies.

In December 2009, it was announced that UTC would acquire a 49.5% stake in Clipper Windpower for $206 million.[18][19][20][21]


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.[22]

In October 2010, UTC agreed with Clipper to acquire the rest of the company.[23]

In September 2011, UTC acquired a $18.4 billion deal (including $1.9 billion in net debt assumed) for aircraft components maker Goodrich Corporation.[24]

In June 2012, it was discovered that UTC sold military technology to the Chinese.[25] For pleading guilty to violating the Arms Export Control Act and making false statements, United Technologies and its subsidiaries were fined $75 million.[26]

In July 2012, United Technologies acquired Goodrich and merged it with Hamilton Sundstrand; the resulting organization is UTC Aerospace Systems.

In February 2013, UTC Power was sold to ClearEdge Power.[27]

In October 2014, Toshiba and United Technologies agreed a deal to expand their joint venture outside of Japan.[28]

Business units[edit]

  • Carrier: A global manufacturer of heating, ventilation, air conditioning, and refrigeration systems.
  • UTC Aerospace Systems: 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. UTC Aerospace Systems was formed by combining Hamilton Sundstrand and Goodrich in 2012.
  • Otis Elevator Company: Manufacturer, installer, and servicer of elevators, escalators, and moving walkways.
  • Pratt & Whitney: Designs and builds aircraft engines and gas turbines.
  • Sikorsky Aircraft: Maker of helicopters for commercial, industrial, institutional, government, and military uses.
  • UTC Fire & 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.[32]

Former businesses[edit]

Political contributions[edit]

During the 2004 election cycle, UTC was the sixth largest defense industry donor to political campaigns, contributing a total of $789,561. 64% 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. 35% of those contributions went to Democrats; 53% of the funds were contributed to Republicans.[35]

In 2005, United Technologies was among 53 entities that contributed the maximum of $250,000 to the second inauguration of President George W. Bush.[36][37]


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 "Aphrodite and the Gods of Love" at Boston's Museum of Fine Arts that opened in fall 2011.[38]

UTC and its supsidieries are major contributors to museums such as the New England Air Museum. [39]

Environmental record[edit]

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 [40] including manganese, nickel, chromium and related compounds.[41]

In 2006, they joined the Chicago Climate Exchange as a Phase 1 and Phase 2 member.[42]

See also[edit]


  1. ^ "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. 
  2. ^ a b c d e f g "UNITED TECHNOLOGIES CORP /DE/ 2013 Annual Report Form (10-K)" (XBRL). United States Securities and Exchange Commission. February 6, 2014. 
  3. ^ a b c "UNITED TECHNOLOGIES CORP /DE/ 2014 Q1 Quarterly Report Form (10-Q)" (XBRL). United States Securities and Exchange Commission. April 25, 2014. 
  4. ^ "UTC Facts". UTC. Retrieved 31 December 2012. 
  5. ^ "Contact." United Technologies Corporation. Retrieved on 7 January 2011. "Mailing address United Technologies Corporation United Technologies Building Hartford, CT 06101."
  6. ^ CorpWatch : United Technologies
  7. ^ "UTC Names Gregory J. Hayes As President And Chief Executive Officer". CNN. 24 November 2014. Retrieved 2014-11-24. 
  8. ^ a b c d e Fernandez 1983.
  9. ^ Fernandez 1983, p. 246.
  10. ^ Fernandez 1983, pp. 246–251.
  11. ^ Fernandez 1983, pp. 260–264.
  12. ^ Schweizer acquisition press release
  13. ^ Hawk Works opening article from Global Security web site
  14. ^ UTC's bid for Diebold
  15. ^ "Diebold rejects $2.63 billion buyout bid - Business - US business - msnbc.com". MSNBC. 2008-03-03. Retrieved 2012-02-16. 
  16. ^ [1]
  17. ^ [2]
  18. ^ Clipper Windpower Gets GBP126.5 Million Investment From United Tech
  19. ^ Clipper says UTC to buy 49.5 percent stake
  20. ^ United Technology flies to the rescue of Clipper Windpower
  21. ^ UTC aims to take 49.5% of Clipper Windpower
  22. ^ [3][dead link]
  23. ^ UTC to acquire remaining interest in Clipper Windpower North American Windpower, October 18, 2010. Retrieved: October 23, 2010.
  24. ^ "United Technologies to acquire Goodrich in USD 18.4 bn deal". September 23, 2011. 
  25. ^ "United Technologies sent military copter tech to China". Reuters. June 28, 2012. 
  26. ^ Winter, Michael (June 28, 2012). "United Technologies sold China software for attack copter". USA Today. 
  27. ^ Nirappil, Fenit (February 12, 2013). "ClearEdge Power finalizes acquisition of UTC Power". The Oregonian. Retrieved 24 February 2013. 
  28. ^ "Toshiba and United Technologies ink deal to expand outside Japan" (Press release). Reuters. 16 October 2014. 
  29. ^ [4]
  30. ^ [5]
  31. ^ "GFI Energy Ventures LLC Completes Sale of NORESCO to Carrier". Bloomberg. 
  32. ^ http://www.utrc.utc.com/
  33. ^ 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
  34. ^ 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.
  35. ^ Top Contributors to Federal Candidates and Parties: Defense
  36. ^ Drinkard, Jim (2005-01-17). "Donors get good seats, great access this week". USA Today. Retrieved 2008-05-25. 
  37. ^ "Financing the inauguration". USA Today. 2005-01-16. Retrieved 2008-05-25. 
  38. ^ http://www.mfa.org/sites/default/files/MFA_Aphrodite%20press%20release_8.9.11_0.pdf
  39. ^ http://www.neam.org/index.php?option=com_content&view=article&id=1350
  40. ^ "Toxic 100 Index". Political Economic Research Institute. Retrieved 2008-11-26. 
  41. ^ "United Technologies". Political Economic Research Institute. Retrieved 2008-11-26. 
  42. ^ UTC - Community involvement, grants, financial support and support of the arts - hvac, fuel cells, helicopters, security systems, elevators


  • Fernandez, Ronald (1983), Excess profits: the rise of United Technologies, Boston, Massachusetts, USA: Addison-Wesley, ISBN 9780201104844. 
  • Holland, Max (1989), When the Machine Stopped: A Cautionary Tale from Industrial America, Boston: Harvard Business School Press, ISBN 978-0-87584-208-0, OCLC 246343673. 

External links[edit]