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United Technologies

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United Technologies Corporation (UTC) (NYSE: UTX) is an American multinational conglomerate based in Hartford, Connecticut. It researches, develops, and manufactures high-technology products in numerous areas, including aircraft engines, helicopters, heating and cooling, 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. In 2005, it received over $5 billion in military contracts. Louis R. Chênevert is the current CEO. The "Gold Building" at One Financial Plaza, in Downtown Hartford, is the headquarters of United Technologies.

History

The core group of United Technologies companies was founded in 1929 as United Aircraft and Transport Corporation, by the merger of the Boeing Airplane Company, Boeing Air Transport, Chance Vought, Hamilton Standard, Pratt & Whitney, and Sikorsky Aircraft. As a result of the Air Mail Act in 1934, United Aircraft and Transport broke up into three independent companies: Boeing, United Aircraft, and United Airlines. Vought was spun off as an independent business in 1954, but otherwise, United Aircraft maintained its original corporate structure and concentration in the aerospace and defense industries well into the 1970s.

United Aircraft changed its name to United Technologies on May 1, 1975, and the next year acquired Otis Elevator. In 1979, Carrier Refrigeration and Mostek were acquired; Mostek was sold in 1985 to the French electronics company Thomson. United Technologies acquired Sundstrand Corporation in 1999, and merged it into UTC's Hamilton Standard unit to form Hamilton Sundstrand. Two years later, UTC entered the fire and security business by purchasing Chubb Security, which was followed in 2005 by Kidde. Also in 2005, United Technologies acquired Boeing's Rocketdyne division, which was merged into the Pratt & Whitney business unit.

In 2004, UTC acquired the Schweizer Aircraft Corporation which will operate as a wholly-owned subsidiary under their Sikorsky Aircraft division. In 2007, UTC opened the Hawk Works, 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 announced it had made a $2.63 billion bid to acquire Diebold, a Canton, Ohio based manufacturer of banking and voting machines. In September 2008 UTC's chairman commented that the acquisition was less than likely to happen. Diebold has since rejected the $2.63 billion buyout bid. ATM, ballot machine maker calls United Technologies bid inadequate. In April 2010 UTC announced 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.

On December 9-10, 2009, it was announced that UTC would acquire a 49.5% stake in Carpinteria, CA and London, UK based Clipper Windpower by purchasing 84.3 million new shares and 21.8 million shares from current shareholders for £126.5 million or $206 Million US. Clipper has stated that this equity purchase "will significantly strengthen its balance sheet and enable it to enhance its operations and pursue its strategic initiatives", “This is a transformational transaction for Clipper, bringing substantial capital from a strategic investor who is one of the world’s leading industrial technology companies” said Doug Pertz, President and CEO of Clipper. “We welcome the investment from UTC and their confidence in Clipper’s technology and business opportunities.” .

Business units

• Carrier: A maker of heating, ventilation, air conditioning, and refrigeration systems.
• Hamilton Sundstrand: 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.
• Otis: Manufacturer, installer, and servicer of elevators, escalators, and moving walkways.
• Pratt & Whitney: Designs and builds aircraft engines, gas turbines, and rockets.
  • Pratt & Whitney Canada
  • Rocketdyne
• Sikorsky Aircraft: Maker of helicopters for commercial, industrial, and military uses.
  • PZL-Mielec
  • Schweizer Aircraft
• UTC Fire & Security: Makes fire detection and suppression systems, access control systems, and security alarm systems; provides security system integration and monitoring services.
• UTC Power: Manufacturer of distributed power generation systems and fuel cells for commercial, transportation, and space and defense applications.
• United Technologies Research Center (UTRC): A centralized research facility that supports all UTC business units in developing new technologies and processes.

United Technologies' headquarters operations are located in the United Technologies Building in Hartford, Connecticut. The United Technologies Building is known locally as the "Gold Building" due to its gold-tinted glass-mirror exterior.

Former businesses

• 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.
• UT Automotive - Now, a division of Lear Corporation
• Chance Vought aircraft - from 1928 to 1954

Political contributions

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 in 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.

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

Philanthropy

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.

Environmental record

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 air including manganese, nickel, chromium and related compounds.

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

References

External links

Companies portal

• UTC Homepage
• United Technologies Corp. stock quote & chart
• UTX stock quote & chart