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.
1.2 1970s and 1980s
2 Business units
2.1 Former businesses
3 Political contributions
5 Environmental record
6 See also
9 External links
Main article: United Aircraft
1970s and 1980s
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
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.
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
In 2004, UTC acquired the
Schweizer Aircraft Corporation
Schweizer Aircraft Corporation which planned
to operate as a wholly owned subsidiary under their Sikorsky
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
In 2007, UTC opened the Hawk Works, 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 based manufacturer of banking and voting machines.
Diebold rejected the buyout bid as inadequate.
In November 2008, UTC's
Carrier Corporation acquired NORESCO,
which is one of the nation's largest energy service companies.
In December 2009, it was announced that UTC would acquire a 49.5%
Clipper Windpower for $206 million.
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
In October 2010, UTC agreed with Clipper to acquire the rest of the
In September 2011, UTC acquired a $18.4 billion deal (including $1.9
billion in net debt assumed) for aircraft components maker Goodrich
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 July 2012,
United Technologies acquired Goodrich and merged it with
Hamilton Sundstrand; the resulting organization is UTC Aerospace
In February 2013,
UTC Power was sold to ClearEdge Power.
In October 2014,
United Technologies made a deal to expand
their joint venture outside Japan.
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
On September 4, 2017, 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.
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.
Elevator Company: Manufacturer, installer, and servicer of
elevators, escalators, and moving walkways.
Pratt & Whitney: Designs and builds aircraft engines and gas
Pratt & Whitney Canada
UTC Climate, Controls & Security: 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.
United Technologies Research Center (UTRC): A centralized research
facility that supports all UTC business units in developing new
technologies and processes.
Hartford's Gold Building served as UTC's headquarters from
Otis Elevator's former headquarters serve as UTC's headquarters since
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 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
Sikorsky Aircraft: maker of helicopters for commercial, industrial,
institutional, government, and military use, now a part of Lockheed
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.
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
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 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 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.
United Technologies was among 53 entities that contributed
the maximum of $250,000 to the second inauguration of President George
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
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
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
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.
Top 100 US Federal Contractors
Honor Award from the National Building Museum
^ 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.
^ a b c d e f "
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 chief executive Greg Hayes] said.
^ "CorpWatch : United Technologies". Retrieved July 3,
^ "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
^ John Pike. "Sikorsky opens HAWK WORKS™ completion center for
military helicopters". Retrieved July 3, 2015.
^ UTC's bid for Diebold[permanent dead link]
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.
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,
^ 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
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
^ "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.
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,
^ "GFI Energy Ventures LLC Completes Sale of NORESCO to Carrier".
^ "Home -
United Technologies Research Center". Retrieved July 3,
^ "Without Fanfare, UTC Relocates World Headquarters to a Farmington
Office Park". Hartford Courant. Hartford, Connecticut. 2015-09-04.
Lockheed Martin Corporation. November 6, 2015. Retrieved November 8,
PZL Mielec. November 6, 2015. Retrieved November 8, 2015.
^ Kinsman, Susan E. (2000-12-17) "A Thirst For Juice"
The Courant. Retrieved 2013-08-20
^ Dowling, Brian (2013-05-17) "Tokyo Manufacturer Closes On Purchase
Of Pratt Land-Turbine Business"
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
^ "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.
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.
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.
Wikimedia Commons has media related to United Technologies.
Business data for United Technologies: Google Finance
Pratt & Whitney
UTC Aerospace Systems
UTC Climate, Controls & Security
United Aircraft and Transport Corporation
Clipper Windpower (2010-2012)
Hamilton Standard (1929-1999)
Hamilton Sundstrand (1999-2012)
Otis Elevating Railway
Otis Elevating Railway (1892-1918)
Otis Hovair (1985-2014)
Pratt & Whitney
Schweizer Aircraft (2004-2012)
Sikorsky Aircraft (1929-2015)
UTC Power (1958-2012)
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Components of the Dow Jones Industrial Average
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