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United Technologies
United Technologies
Corporation (UTC) is an American multinational conglomerate headquartered in Farmington, Connecticut.[1] 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.[4][5] Gregory J. Hayes is the CEO and chairman.[6]

Contents

1 History

1.1 Pre-1970s 1.2 1970s and 1980s 1.3 1990s 1.4 2000s 1.5 2010s

2 Business units

2.1 Former businesses

3 Political contributions 4 Philanthropy 5 Environmental record 6 See also 7 References 8 Bibliography 9 External links

History[edit] Pre-1970s[edit] Main article: United Aircraft 1970s and 1980s[edit] In 1974, Harry Gray left Litton Industries
Litton Industries
to become the CEO of United Aircraft.[7] 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.[8] (The change became official on May 1, 1975.) The diversification was partially to balance civilian business against any overreliance on military business.[7] UTC became a mergers and acquisitions (M&A)–focused organization, with various forced takeovers of unwilling smaller corporations.[7] The next year (1976), UTC forcibly acquired Otis Elevator.[9] In 1979, Carrier Refrigeration
Refrigeration
and Mostek
Mostek
were acquired;[10] the Carrier deal was forcible, while the Mostek
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.[7] 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.[7] Mostek
Mostek
was sold in 1985 to the French electronics company Thomson. 1990s[edit] UTC acquired Sundstrand Corporation in 1999, and merged it into UTC's Hamilton Standard
Hamilton Standard
unit to form Hamilton Sundstrand. 2000s[edit] In 2003, UTC entered the fire and security business by purchasing Chubb Security. In 2004, UTC acquired the Schweizer Aircraft Corporation
Schweizer Aircraft Corporation
which planned to operate as a wholly owned subsidiary[11] 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
Rocketdyne
division, which was merged into the Pratt & Whitney business unit. In 2007, UTC opened the Hawk Works,[12] a Rapid Prototyping and Military Derivatives Completion Center (RPMDCC) located west of the Elmira-Corning Regional Airport
Elmira-Corning Regional Airport
in Big Flats, NY. In March 2008, UTC made a $2.63 billion bid to acquire Diebold, a Canton, Ohio
Canton, Ohio
based manufacturer of banking and voting machines.[13] Diebold
Diebold
rejected the buyout bid as inadequate.[14] In November 2008, UTC's Carrier Corporation
Carrier Corporation
acquired NORESCO,[15][16] 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
Clipper Windpower
for $206 million.[17][18][19][20] 2010s[edit] In April 2010, UTC announced that it was investing €15 million ($20 million) to set up the United Technologies
United Technologies
Research Centre Ireland in University College Cork which will carry out research on energy and security systems.[21] In October 2010, UTC agreed with Clipper to acquire the rest of the company.[22] In September 2011, UTC acquired a $18.4 billion deal (including $1.9 billion in net debt assumed) for aircraft components maker Goodrich Corporation.[23] In June 2012, it was discovered that UTC sold military technology to the Chinese.[24] For pleading guilty to violating the Arms Export Control Act and making false statements, United Technologies
United Technologies
and its subsidiaries were fined $75 million.[25] In July 2012, United Technologies
United Technologies
acquired Goodrich and merged it with Hamilton Sundstrand; the resulting organization is UTC Aerospace Systems. In February 2013, UTC Power
UTC Power
was sold to ClearEdge Power.[26] In October 2014, Toshiba
Toshiba
and United Technologies
United Technologies
made a deal to expand their joint venture outside Japan.[27] In January 2015, UTC Building & Industrial Systems completed the acquisition of CIAT Group, a leading HVAC
HVAC
manufacturing company in France.[28] In November, Lockheed Martin
Lockheed Martin
completed its $9.0 billion acquisition of Sikorsky Aircraft.[29] 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.” [30] In December, Carrier agreed to keep the Indianapolis plant open, keeping 1,100 jobs in Indianapolis.[31] On September 4, 2017, proposed to acquire Rockwell Collins
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.[32] Business units[edit]

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
Hamilton Sundstrand
and Goodrich in 2012. Otis Elevator
Elevator
Company: Manufacturer, installer, and servicer of elevators, escalators, and moving walkways. Pratt & Whitney: Designs and builds aircraft engines and gas turbines.

Pratt & Whitney Canada

UTC Climate, Controls & Security:[33] Makes fire detection and suppression systems, access control systems, and security alarm systems; provides security system integration and monitoring services.

Carrier: A global manufacturer of heating, ventilation, air conditioning, and refrigeration systems.

NORESCO[34][35][36]

United Technologies
United Technologies
Research Center (UTRC): A centralized research facility that supports all UTC business units in developing new technologies and processes.[37]

Hartford's Gold Building served as UTC's headquarters from 1975–2015[38]

Otis Elevator's former headquarters serve as UTC's headquarters since 2015

Former businesses[edit]

Hamilton Test Systems, an Arizona-based developer of vehicle emission test equipment, which was sold to Georgetown Partners in December 1990, who 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
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[39]

PZL Mielec[40]

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
Memorex
in 1985. 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,[41] sold to Mitsubishi Heavy Industry in May 2013[42] and is now a MHI group company named PW Power Systems, Inc. Hamilton Standard: which became part of Hamilton Sundstrand, now part of UTC Aerospace Systems. Clipper Windpower: A maker of wind turbines. In December 2010 Clipper Windpower was acquired by United Technologies
United Technologies
Corporation. It was sold in 2012 to Platinum Equity LLC. 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
ClearEdge Power
in February 2013.

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. 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.[43] In 2005, United Technologies
United Technologies
was among 53 entities that contributed the maximum of $250,000 to the second inauguration of President George W. Bush.[44][45] Philanthropy[edit] 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.[46] UTC and its subsidiaries are major contributors to museums such as the New England Air Museum.[47] Environmental record[edit] Researchers at the University of Massachusetts Amherst
University of Massachusetts Amherst
have identified UTC as the 38th-largest corporate producer of air pollution in the United States
United States
as of 2008. UTC released roughly 110,000 pounds of toxic chemicals annually into the atmosphere[48] including manganese, nickel, chromium and related compounds.[49][50] In the 2016 University of Massachusetts Amherst
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.[51] See also[edit]

Companies portal Connecticut portal

Top 100 US Federal Contractors Honor Award
Honor Award
from the National Building Museum Yuzuru Ito

References[edit]

^ a b "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.  ^ a b c d e f " United Technologies
United Technologies
Annual Report 2016" (PDF). secdatabase.com. Retrieved 20 October 2017.  ^ 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
United Technologies
chief executive Greg Hayes] said.  ^ "CorpWatch : United Technologies". Retrieved July 3, 2015.  ^ "UTC Names Gregory J. Hayes As President And Chief Executive Officer". CNN. 24 November 2014. Retrieved 2014-11-24.  ^ a b c d e 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[permanent dead link] ^ " 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.  ^ [1] ^ Clipper Windpower
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
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
Clipper Windpower
Archived March 5, 2012, at the Wayback Machine. ^ [2][dead link] ^ UTC to acquire remaining interest in Clipper Windpower
Clipper Windpower
North American Windpower, October 18, 2010. Retrieved: October 23, 2010. ^ " United Technologies
United Technologies
to acquire Goodrich in USD 18.4 bn deal". September 23, 2011.  ^ " United Technologies
United Technologies
sent military copter tech to China". Reuters. June 28, 2012.  ^ Winter, Michael (June 28, 2012). " United Technologies
United Technologies
sold China software for attack copter". USA Today.  ^ Nirappil, Fenit (February 12, 2013). " ClearEdge Power
ClearEdge Power
finalizes acquisition of UTC Power". The Oregonian. Retrieved 24 February 2013.  ^ " Toshiba
Toshiba
and United Technologies
United Technologies
ink deal to expand outside Japan" (Press release). Reuters. 16 October 2014.  ^ UTC Building & Industrial Systems Completes CIAT Acquisition ^ " Lockheed Martin
Lockheed Martin
Completes Acquisition of Sikorsky Aircraft
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
United Technologies
To Acquire Rockwell Collins
Rockwell Collins
For $30 Billion" (Press release). United Technologies. September 4, 2017.  ^ " United Technologies
United Technologies
Announces Organization and Leadership Changes To Commercial Businesses". www.utc.com. Retrieved 2016-05-23.  ^ [3] ^ Carrier Corporation
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.  ^ "Home - United Technologies
United Technologies
Research Center". Retrieved July 3, 2015.  ^ "Without Fanfare, UTC Relocates World Headquarters to a Farmington Office Park". Hartford Courant. Hartford, Connecticut. 2015-09-04. Retrieved 2017-08-15.  ^ http://www.lockheedmartin.com/us/news/press-releases/2015/november/151106-lockheed-martin-acquires-sikorsky.html. Lockheed Martin
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". 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.  ^ 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. Retrieved 2008-11-26.  ^ " United Technologies
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. 

Bibliography[edit]

Fernandez, Ronald (1983), Excess Profits: The Rise of United Technologies, Boston: 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]

Wikimedia Commons has media related to United Technologies.

UTC Homepage

Business data for United Technologies: Google Finance Yahoo! Finance Reuters SEC filings

v t e

United Technologies

Subsidiaries

Pratt & Whitney UTC Aerospace Systems UTC Climate, Controls & Security

Predecessors

United Aircraft United Aircraft and Transport Corporation

Former subsidiaries

Clipper Windpower
Clipper Windpower
(2010-2012) Hamilton Standard
Hamilton Standard
(1929-1999) Hamilton Sundstrand
Hamilton Sundstrand
(1999-2012) Otis Elevating Railway
Otis Elevating Railway
(1892-1918) Otis Hovair
Otis Hovair
(1985-2014) Pratt & Whitney Rocketdyne
Rocketdyne
(2005-2013) Schweizer Aircraft
Schweizer Aircraft
(2004-2012) Sikorsky Aircraft
Sikorsky Aircraft
(1929-2015) UTC Power
UTC Power
(1958-2012) Vought
Vought
(1928-1954)

People

Frederick Rentschler

Related

Pratt & Whitney Measurement Systems SolarReserve

v t e

Components of the Dow Jones Industrial Average

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