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About United Technologies Corporation

United Technologies (UTC) has the worldwide industrial expertise to lift you up and cool you down. Its Otis, UTC Climate Controls & Security, and Pratt & Whitney segments develop technologies, systems, and services for the aerospace, construction, and security industries. Climate Controls & Security makes alarms, monitoring equipment, surveillance and access control systems, and fire and hazard detection products. Otis is the world's largest elevator and escalator manufacturing company, while Pratt & Whitney makes commercial and military engines. UTC Aerospace Systems produces engine controls and flight systems for military and commercial clients. UTC announced in 2018 that it would break itself into three separate companies based on its business segments. The company also completed its $30 billion purchase of aircraft parts manufacturer Rockwell Collins.

Change in Company Type

As it completed the acquisition of Rockwell Collins in a $30 billion deal, United Technologies said it would break into three independent companies to provide better focus and flexibility to each business. The aerospace business composed of Collins Aerospace Systems and Pratt and Whitney will retain the United Technologies name. The Climate, Controls and Security business will be renamed Carrier and focus on heating and cooling products. Otis will continue to provide elevators, escalators and moving walkways as the third independent company. The company expects the separation to be completed in 2020.

Operations

UTC's Climate Controls & Security segment (30% of net sales) makes security products and firefighting equipment for the commercial, governmental, and residential sectors.

Pratt & Whitney (some 25%) makes and sells aircraft engines for the commercial, military, business jet, and general aviation markets. It also provides fleet management services and aftermarket maintenance services.

UTC Aerospace Systems (25%) provides aerospace products and aftermarket services for aircraft manufacturers, airlines, and the general aviation markets. (This division will soon be transformed into Collins Aerospace Systems following UTC's pending acquisition of Rockwell Collins that was announced in late 2017.)

In addition, UTC owns Otis (20%), one of the world’s largest elevator and escalator manufacturing, installation, and servicing companies.

Geographic Reach

UTC operates through 4,000 locations in more than 70 countries. The US generates around 55% of its total sales; Europe and the Asia/Pacific follow, contributing about 20% and 15%, respectively.

Sales and Marketing

The company serves customers residing in the commercial and industrial (contributing 50% revenue), commercial aerospace (almost 40%), and military aerospace and space (10%) sectors. The US government contributes roughly 20%.

Financial Performance

UTC's revenues increased 2% from $56.1 billion in 2015 to $57.2 billion in 2016. This growth was attributed to higher commercial aftermarket sales from Pratt & Whitney and increased commercial OEM and aftermarket sales from UTC Aerospace Systems. In addition, UTC experienced higher service sales in the Americas and Asia and increased new equipment sales in North America, partially offset by lower new equipment sales in China from Otis in 2016.

UTC's profits, however, declined 34% from $7.6 billion in 2015 to $5.1 billion in 2016. This was attributed to a 3% rise in selling, general and administrative expenses driven by a pension settlement charge and increased expenses at Otis that reflected higher labor and information technology costs.

Strategy

UTC strives to maintain a balance between its private and military sectors, its commercial and aerospace operations, and its original equipment (OE) and aftermarket products and services. It also juggles fluctuations in the market that may impact one or more of its businesses. These fluctuations include changing fuel costs and contracts from the US Department of Defense (DoD), which are subject to policies set by the White House and Congress.

This strategy of product balance is combined with geographic balance, which has the company investing in emerging markets that show great growth potential, such as Argentina, Brazil, China, Mexico, the Middle East, Russia, and South Africa. UTC is champing at the bit to acquire aerospace and commercial companies with operations in India. Adhering to this strategy, in late 2017 it announced it was acquiring aircraft parts maker Rockwell Collins for $23 billion.

Mergers and Acquisitions

In the biggest aerospace deal in history, UTC agreed to purchase aircraft parts manufacturer Rockwell Collins for $23 billion in September 2017. When the deal is completed, Rockwell will become a new UTC division named Collins Aerospace Systems. UTC projects the new division will generate more than $23 billion in revenue per year and will make aviation electronics and communication equipment for commercial and military aircraft. UTC is making the deal to boost its aerospace business and position it as a key springboard for growth in the years ahead.

United Technologies Corporation

10 FARM SPRINGS RD
Farmington, CT 06032-2577
Phone: 1 (860) 728-7000

Stats

Employer Type: Publicly Owned
Stock Symbol: UTX
Stock Exchange: , NYSE
SVP Digital and CIO: Vince Campisi
Chairman, President, and CEO: Gregory J. Hayes
EVP and CFO: Akhil Johri
Employees (This Location): 430
Employees (All Locations): 240,000

Major Office Locations

Farmington, CT

Other Locations

Anchorage, AK
Fairbanks, AK
Juneau, AK
Ketchikan, AK
Auburn, AL
Foley, AL
Hoover, AL
Huntsville, AL
Mobile, AL
Montgomery, AL
Pelham, AL
Scottsboro, AL
Arkadelphia, AR
Conway, AR
Fayetteville, AR
Little Rock, AR
North Little Rock, AR
Glendale, AZ
Nogales, AZ
Phoenix, AZ
Tucson, AZ
Anaheim, CA
Bakersfield, CA
Beale Afb, CA
Brea, CA
Burbank, CA
Colton, CA
Concord, CA
Costa Mesa, CA
Cypress, CA
Downey, CA
Fairfield, CA
Fremont, CA
Fresno, CA
Hayward, CA
Lodi, CA
Los Angeles, CA
Monterey, CA
Newark, CA
North Highlands, CA
Oakland, CA
Pomona, CA
Riverside, CA
Sacramento, CA
San Diego, CA
San Francisco, CA
San Jose, CA
San Leandro, CA
Santa Fe Springs, CA
Sunnyvale, CA
Upland, CA
Whittier, CA
Aurora, CO
Boulder, CO
Centennial, CO
Colorado Springs, CO
Fort Collins, CO
Pueblo, CO
Bloomfield, CT
Bridgeport, CT
Broad Brook, CT
Cheshire, CT
Cromwell, CT
Danbury, CT
East Granby, CT
East Hartford, CT
Essex, CT
Farmington, CT
Middletown, CT
Newington, CT
Newtown, CT
North Haven, CT
Shelton, CT
South Windsor, CT
Windsor Locks, CT
Washington, DC
Bear, DE
New Castle, DE
Davie, FL
Fort Lauderdale, FL
Jacksonville, FL
Jupiter, FL
Lakeland, FL
Lakewood Ranch, FL
Miami, FL
Miami Gardens, FL
Miami Lakes, FL
Ocoee, FL
Opa Locka, FL
Orlando, FL
Pensacola, FL
Pompano Beach, FL
Sarasota, FL
Tallahassee, FL
Tampa, FL
West Palm Beach, FL
Acworth, GA
Athens, GA
Atlanta, GA
Augusta, GA
College Park, GA
Columbus, GA
Duluth, GA
Kennesaw, GA
Macon, GA
Marietta, GA
Midland, GA
Norcross, GA
Savannah, GA
Stone Mountain, GA
Hilo, HI
Honolulu, HI
Waipahu, HI
Cedar Rapids, IA
Davenport, IA
Des Moines, IA
Mason City, IA
Sioux City, IA
West Des Moines, IA
Boise, ID
Bridgeview, IL
Burr Ridge, IL
Carbondale, IL
Champaign, IL
Chicago, IL
Decatur, IL
Des Plaines, IL
Elmhurst, IL
Lisle, IL
Lombard, IL
Loves Park, IL
O Fallon, IL
Peoria, IL
Quincy, IL
Rockford, IL
Springfield, IL
Westchester, IL
Bloomington, IN
Crane, IN
Evansville, IN
Fort Wayne, IN
Granger, IN
Huntington, IN
Indianapolis, IN
Jeffersonville, IN
Muncie, IN
South Bend, IN
Terre Haute, IN
Bel Aire, KS
Hutchinson, KS
Kansas City, KS
Topeka, KS
Wichita, KS
Louisville, KY
Alexandria, LA
Baton Rouge, LA
Destrehan, LA
Geismar, LA
Lake Charles, LA
Metairie, LA
New Orleans, LA
Saint Rose, LA
Shreveport, LA
Auburn, MA
Boston, MA
Canton, MA
Chicopee, MA
Fall River, MA
Framingham, MA
Holliston, MA
Monson, MA
North Reading, MA
Peabody, MA
Taunton, MA
Westford, MA
Baltimore, MD
Bishopville, MD
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Hanover, MD
Lanham, MD
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Savage, MD
Hermon, ME
North Berwick, ME
Westbrook, ME
Battle Creek, MI
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Detroit, MI
Farmington Hills, MI
Grand Rapids, MI
Jackson, MI
Kalamazoo, MI
Muskegon, MI
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Warren, MI
West Bloomfield, MI
Burnsville, MN
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Roseville, MN
Saint Cloud, MN
Saint Paul, MN
Bridgeton, MO
Cape Girardeau, MO
Clarksdale, MO
Columbia, MO
Hazelwood, MO
Kansas City, MO
Saint Louis, MO
Springfield, MO
Byhalia, MS
Byram, MS
Jackson, MS
Billings, MT
Great Falls, MT
Helena, MT
Asheville, NC
Charlotte, NC
Concord, NC
Fayetteville, NC
Goldsboro, NC
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Hickory, NC
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Bismarck, ND
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Grand Forks, ND
Jamestown, ND
Omaha, NE
York, NE
Concord, NH
Manchester, NH
Clifton, NJ
Fairfield, NJ
Jamesburg, NJ
Kearny, NJ
Moorestown, NJ
Totowa, NJ
West Caldwell, NJ
Albuquerque, NM
Las Vegas, NV
Reno, NV
Albany, NY
Cheektowaga, NY
East Syracuse, NY
Endicott, NY
Long Island City, NY
New York, NY
Pittsford, NY
Plainview, NY
Poughkeepsie, NY
Rochester, NY
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Vestal, NY
Yonkers, NY
Yorkville, NY
Akron, OH
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Canton, OH
Cincinnati, OH
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Dayton, OH
Heath, OH
Independence, OH
Mansfield, OH
North Canton, OH
Toledo, OH
Troy, OH
Westerville, OH
Broken Arrow, OK
Oklahoma City, OK
Tulsa, OK
Beaverton, OR
Bend, OR
Hood River, OR
Medford, OR
Portland, OR
Salem, OR
Tualatin, OR
Allentown, PA
Altoona, PA
Erie, PA
Harrisburg, PA
Johnstown, PA
Lititz, PA
Norristown, PA
Pittsburgh, PA
Plymouth Meeting, PA
Scottdale, PA
State College, PA
Santa Isabel, PR
Smithfield, RI
Bamberg, SC
Columbia, SC
Florence, SC
Greenville, SC
Hodges, SC
Myrtle Beach, SC
North Charleston, SC
West Columbia, SC
Aberdeen, SD
Sioux Falls, SD
Chattanooga, TN
Collierville, TN
Kingsport, TN
Lenoir City, TN
Memphis, TN
Nashville, TN
Portland, TN
Spring Hill, TN
Tullahoma, TN
Amarillo, TX
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Dallas, TX
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Salt Lake City, UT
Arlington, VA
Ashburn, VA
Bluefield, VA
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Mc Lean, VA
Newport News, VA
Richmond, VA
Roanoke, VA
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South Burlington, VT
Vergennes, VT
Williston, VT
Everett, WA
Kirkland, WA
Olympia, WA
Redmond, WA
Spokane, WA
Tukwila, WA
Yakima, WA
Brookfield, WI
Eau Claire, WI
Fitchburg, WI
Green Bay, WI
Kaukauna, WI
La Crosse, WI
Madison, WI
Milwaukee, WI
Oak Creek, WI
Peshtigo, WI
Bridgeport, WV
Huntington, WV
Scott Depot, WV
Union, WV
Wheeling, WV
Nanjing, China
Ahmedabad, India
Bengaluru, India
Bhubaneswar, India
Chandigarh, India
Chennai, India
Daman, India
Ghaziabad, India
Gurgaon, India
Hyderabad, India
Indore, India
Jaipur, India
Jamshedpur, India
Kolkata, India
Lucknow, India
Mumbai, India
New Delhi, India
Pune, India
Silvassa, India
Visakhapatnam, India
Chuo-Ku, Japan
Anjou, Canada
Burlington, Canada
Burnaby, Canada
Calgary, Canada
Conception Bay South, Canada
Dartmouth, Canada
Dryden, Canada
Edmonton, Canada
Etobicoke, Canada
Fredericton, Canada
Guelph, Canada
Halifax, Canada
Hamilton, Canada
Kamloops, Canada
Kanata, Canada
Kelowna, Canada
Kingston, Canada
London, Canada
Milton, Canada
Mississauga, Canada
Moncton, Canada
Montréal, Canada
Niagara Falls, Canada
Oakville, Canada
Oshawa, Canada
Ottawa, Canada
Owen Sound, Canada
Pointe-Aux-Trembles, Canada
Porcupine, Canada
Prince George, Canada
Québec, Canada
Red Deer, Canada
Regina, Canada
Repentigny, Canada
Saint John, Canada
Saskatoon, Canada
Sherbrooke, Canada
St Catharines, Canada
St. John'S, Canada
Sudbury, Canada
Surrey, Canada
Terrace, Canada
Thunder Bay, Canada
Toronto, Canada
Vancouver, Canada
Victoria, Canada
Waterloo, Canada
Windsor, Canada
Winnipeg, Canada
Aix En Provence, France
Villeneuve D Ascq, France
Villeurbanne, France
Bulandet, Norway
Hägersten, Sweden
Hisings Backa, Sweden
Linköping, Sweden
Malmö, Sweden
Norrköping, Sweden
Uppsala, Sweden
Taipei City, Taiwan
Aartselaar, Belgium
Bruxelles, Belgium
Dilbeek, Belgium
Herentals, Belgium
Machelen (Bt.), Belgium
Oostkamp, Belgium
Roeselare, Belgium
Zele, Belgium
Liverpool, England
Oulu, Finland
Tampere, Finland
Vantaa, Finland
Frankfurt Am Main, Germany
Da Nang, Vietnam
Ha Noi, Vietnam
Bogota, Colombia
Tegucigalpa, Honduras
Singapore, Singapore
San Jose, Costa Rica
Balerna, Switzerland
Belp, Switzerland
Chur, Switzerland
Dietlikon, Switzerland
Ecublens, Switzerland
Le Mont-Sur-Lausanne, Switzerland
Martigny, Switzerland
Plan-Les-Ouates, Switzerland
Pratteln, Switzerland
Reinach, Switzerland
St. Gallen, Switzerland
Villars-Sur-Glâne, Switzerland