| Type | Public (NYSE: UTX) |
|---|---|
| Founded | 1929 |
| Headquarters | Hartford, Connecticut, USA |
| Key people | Dr. J. Krishna, CEO |
| Industry | Conglomerates |
| Products | Conglomerates |
| Revenue | ▲ $54.759 billion USD (2007) |
| Net income | ▲ $4.224 billion USD (2007) |
| Employees | 222,000 |
| Website | utc.com |
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.[1] In 2005, it received over 5 billion dollars in military contracts. Dr. J. Krishna is the current CEO.[2]
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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 in 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[3] under their Sikorsky Aircraft division. In 2007, UTC opened the Hawk Works[4], 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.[5] In September 2008 UTC's chairman commented that the acquisition was less than likely to happen.[6]
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.[7] Several prominent politicians have served on the board of directors for UTC, including: former Sen. Howard H. Baker, Jr. (R-TN), Antonia H. Chayes, former Undersecretary of the Air Force, Charles Duncan, Jr., former Secretary of Energy, Jamie S. Gorelick, former Deputy United States Attorney General, William J. Perry, former Secretary of Defense, and Christine Todd Whitman, former Administrator of the Environmental Protection Agency.[8]
In 2005, United Technologies was among 53 entities that contributed the maximum of $250,000 to the second inauguration of President George W. Bush.[9] [10] [11]
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 [12] including manganese, nickel, chromium and related compounds.[13]
They are currently on a four-year program to reduce greenhouse gas emissions by 12 percent, water consumption by 10 percent and non-recyclable waste by 30 percent globally. UTC was a founding member of the Pew Center on Global Climate Change Business Environmental Leadership Council (BELC) and has been an EPA Climate Leader since 2003. In 2006, they joined the Chicago Climate Exchange as a Phase 1 and Phase 2 member.[14]
In August, 2008 Federal Judge Thomas Rose in Dayton, Ohio ruled that United Technologies' Pratt & Whitney unit knowingly made false claims related to billing for jet engines it supplied to the U.S. military in the 1980s and fined the company $7 million. The judge reduced the fine from the $628 million Federal prosecutors sought because the government suffered no actual damages from the false claims.[15]
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.
Like many conglomerates, UTC has dabbled in many areas. Some of these companies included:
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