Universal Technical Institute

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Universal Technical, Inc.
Company typeprivate for-profit system of technical colleges
NYSE: UTI
Russell 3000 component
IndustryEducation Skilled Trades
Founded1965
HeadquartersPhoenix, Arizona
Area served
United States
Key people
Jerome Grant CEO[1]
Websiteuti.edu

Universal Technical Institute, Inc. (UTI) is a private for-profit system of technical colleges throughout the United States. The school offers specialized technical education programs under the banner of several brands, including Universal Technical Institute (UTI), Motorcycle Mechanics Institute and Marine Mechanics Institute (MMI), MIAT College of Technology (MIAT), and NASCAR Technical Institute (NTI).

History

Universal Technical Institute was founded in 1965. UTI expanded its programs with additional curricula and opened new campuses, growing internally and through acquisitions. To address the needs of industry and corporate clients, UTI started providing continuing education and training for technicians in 1980. In 1983, UTI opened a campus in Houston, Texas. In 1988 UTI opened their Lisle, Illinois, campus. In 1998, it opened a campus in Rancho Cucamonga, California.[2]

In January 1998, UTI acquired Clinton Harley Corporation and Clinton Education Group, Inc. for $26.3 million. Motorcycle Mechanics Institute and Marine Mechanics Institute (MMI) were operating divisions of Clinton Harley Corporation.[2]

In June 1998, UTI acquired National Technology Transfer, Inc. (NTT) and Performance Training Associates (PTA). NTT provided intensive training seminars to technicians in sectors similar to the sectors that they served. PTA organized lecture training seminars in markets similar to NTT. The acquisition of NTT and PTA was completed for approximately $50.2 million. The NTT business was discontinued at a loss of $42.9 million. At the time of its initial public offering, UTI carried a debt load of $57.3 million.[2]

At its peak in 2011, UTI had more than 18,000 students. Enrollment has been declining since then.[3]

The 2012 Harkin Commission noted that: "Compared to public colleges offering the same programs, the price of tuition is significantly higher at UTI....The same Certificate costs almost 20 times more at UTI than it does at the public college." UTI's default rate, however, was relatively low for a for-profit college, fluctuating from 12% to 16%.[4]

While Universal Technical Institute in the past had limited access to military bases for student recruitment, as of 2021 it operates BMW MSTEP at Ft. Bragg, N.C.[5] and Marine Corps Base Camp Pendleton, Calif.,[6] and Premier Truck Group Technician Training at Ft. Bliss in Texas.[7]

On September 27, 2016, UTI reported that its president and CFO, Eugene Putnam, was removed as part of a financial improvement plan and that Kim McWaters replaced him as president.[8] October 21, 2019, Kim McWaters resigned as CEO of Universal Technical Institute.[9] Jerome Grant was named CEO in 2019.[10]

On Nov. 1, 2021, UTI announced it had completed the acquisition of MIAT College of Technology,[11][12] and on May 3, 2022, UTI announced its intent to acquire Concorde Career Colleges.[13][14] On June 9, 2022, the company announced plans to add 15 new programs across its national UTI/MIAT campus footprint.[15][16] UTI is currently in the process of updating a variety of its curriculum to include EV maintenance.[17][18]

Enrollment and campus locations

Since December 2018, Universal Technical Institute has seen a significant drop in the number of students enrolled.[19] In Spring of 2022, UTI opened the Austin, Texas campus.[20] A planned Miramar, Florida campus is scheduled to open in Summer of 2022.[21]

References

  1. ^ "Kimberly J. McWaters". Universal Technical Institute, Inc. Retrieved 2008-02-25.
  2. ^ a b c "Filed Pursuant to Rule 424(B)(1)".
  3. ^ "Don't Expect Miracles from Universal Technical Institute". Forbes.
  4. ^ "Universal Technical Institute, Inc. : Introduction" (PDF). Help.senate.gov. Retrieved 2016-01-01.
  5. ^ "Inaugural Class of Fort Bragg BMW MSTEP Program, Taught by UTI, Celebrates Their Graduation & Prepares for New Civilian Careers as BMW Technicians". Universal Technical Institute Newsroom. Retrieved 2022-07-18.
  6. ^ "New BMW and UTI Program Prepares Service Members for Civilian Careers as BMW Automotive Technicians". Universal Technical Institute Newsroom. Retrieved 2022-07-18.
  7. ^ "Premier Truck Group and Universal Technical Institute Honor Transitioning Military Service Members as They Graduate from the Inaugural Class of Technician Training at Fort Bliss". Universal Technical Institute Newsroom. Retrieved 2022-07-18.
  8. ^ "Universal Technical Institute Implements Financial Improvement Plan to Deliver $25 to $30 Million in Annualized Savings in 2017; Reaffirms 2016 Fiscal Year Outlook".
  9. ^ Wiles, Russ. "One of Arizona's longest-tenured female CEOs to retire amid losses at Universal Technical Institute". The Arizona Republic. Retrieved 2020-09-30.
  10. ^ "Universal Technical Institute Announces Jerome A. Grant to Succeed Kimberly J. McWaters as Chief Executive Officer". Universal Technical Institute Newsroom. Retrieved 2022-07-18.
  11. ^ "Universal Technical Institute Completes Acquisition of MIAT College of Technology". Universal Technical Institute Newsroom. Retrieved 2022-07-18.
  12. ^ www.bizjournals.com https://www.bizjournals.com/phoenix/news/2021/11/05/phoenix-school-back-in-growth-mode.html. Retrieved 2022-07-19. {{cite web}}: Missing or empty |title= (help)
  13. ^ "Universal Technical Institute, Inc. to Acquire Concorde Career Colleges, Inc., a Leading Provider of Healthcare Education Programs". Universal Technical Institute Newsroom. Retrieved 2022-07-18.
  14. ^ "Universal Technical Institute plans $50M acquisition of Concorde Career Colleges". Higher Ed Dive. Retrieved 2022-07-19.
  15. ^ "Universal Technical Institute Will Add 15 New Programs in Transportation and Skilled Trades Across Its National UTI/MIAT Campus Footprint". Universal Technical Institute Newsroom. Retrieved 2022-07-18.
  16. ^ "UTI Adding New Automotive, Skilled Trade Programs | THE SHOP". 2022-06-10. Retrieved 2022-07-19.
  17. ^ Klender, Joey (2022-02-23). "Ford to collaborate with Universal Technical Institute on EV training curriculum". TESLARATI. Retrieved 2022-07-18.
  18. ^ "Universal Technical Institute Selects Bosch to Develop New Courseware Supporting its Electric Vehicle Training Strategy". CollisionWeek. 2022-03-18. Retrieved 2022-07-18.
  19. ^ www.bizjournals.com https://www.bizjournals.com/phoenix/news/2018/02/08/uti-stock-up-while-stemming-losses-as-enrollment.html. Retrieved 2020-09-30. {{cite web}}: Missing or empty |title= (help)
  20. ^ "Universal Technical Institute Celebrates Opening of Austin Campus". Universal Technical Institute Newsroom. Retrieved 2022-07-18.
  21. ^ "Universal Technical Institute Selects Miami Metropolitan Area As The Location For The Second New Campus It Plans To Open In 2022". Universal Technical Institute Newsroom. Retrieved 2022-07-18.

External links

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