United Technologies Corporation (UTC)
General Company Info
Incorporated in 1934 and with roots going back to 1853, United Technologies Corporation (NYSE: UTX) provides technology products and services to the building systems and aerospace industries worldwide. United Technologies is a true conglomerate, operating six distinct businesses serving highly engineered markets. The aerospace end market represents 36% of sales. Otis elevators represents 23% of sales. Carrier heating, ventilation, and air conditioning and refrigeration represents 30%. Fire and security systems rounds out the firm's businesses, constituting 11% of sales. Their businesses built the world's first working helicopter, invented elevators and air conditioning, developed the first commercially available hydrogen fuel cells and designed complete life support systems for the Space Shuttle. Their systems can be found on more than 90 percent of the world's aircraft. It is a component of the S&P 500, Dow Jones Composite. It is currently listed as #43 in the Fortune 500.
Headquarters: Hartford, CT 2005 Sales: $42.7 Billion
2005 Employment:222,200 people (67% based abroad) 2005 Net Income: $3.1 Billion
Segments
Otis – #1 elevator manufacturer; also offers escalators, moving walkways, and service.
Carrier – world's largest maker of heating and air-conditioning units, offering commercial, residential, and industrial heating, ventilating, air conditioning systems; energy management air quality systems; etc.
UTC Fire and Security – offers electronic security, monitoring, and rapid response systems and service; security personnel services; fire detection, protection, & suppression systems; and fire fighting equipment.
Pratt and Whitney – offers commercial, general aviation, and military aircraft engines; parts and service; industrial gas turbines; and space propulsion.
Hamilton Sundstrand – offers aerospace products, including power generation; management and distribution systems; flight, engine, fire protection, and detection; environmental control systems; etc.
Sikorsky – offers commercial military helicopters, and aftermarket helicopter & aircraft parts & service.
UTC Fuel Cells - makes fuel cells for commercial, transportation, and space applications.
In the news
August 31, 2006 /PRNewswire-FirstCall/ - The Greater Hartford Transit District announced today at a press conference that it has contracted with UTC Power of South Windsor, Conn., for the company and its partners to provide New England's first fuel cell-powered transit bus. As part of the agreement, UTC Power also will provide two years of program support, including the use of a hydrogen refueling station. A $2.9 million grant from the Federal Transit Administration to the Greater Hartford Transit District will pay for the bus and infrastructure to support future fuel cell transportation projects in Greater Hartford.
August 25, 2006 (Reuters) - United Technologies Corp. expects revenues from its Indian operations to grow in double digits, a senior official said on Friday. "We posted revenues of over $300 million in 2005 (in India) and we are on track to show double-digit growth in 2006," President Louis R. Chenevert told Reuters at the sidelines of a news conference in the Indian capital. Carrier and Otis both have manufacturing operations in India while Pratt & Whitney and Sikorsky maintain business offices.
July 24, 2006 – For the past two fiscal quarters, UTC's reported EPS has exceeded the consensus EPS.
July 17, 2006 - Hamilton Sundstrand’s Kidde Aerospace & Defense business has been selected by Boeing to provide the lavatory and crew rest compartment smoke detectors for the 787 Dreamliner. Boeing previously awarded Kidde contracts to supply fire suppression and protection systems for the Dreamliner’s cargo compartments and electronics bays. Tom Hillman, general manager of Kidde’s aviation business unit said "Our latest smoke detection design, the Model 3000, will reduce airline maintenance costs and further improve performance."
Top Competitors
Boeing - world's largest aerospace company; the #2 maker of large commercial jets (rival Airbus #1).
General Electric - produces aircraft engines, locomotives and other transportation equipment, electric distribution and control equipment, generators and turbines, nuclear reactors, to name a few.
ThyssenKrupp AG - one of the world's largest steel producers; makes capital goods, including elevators.
Sources: Company website, Hoovers.com, Morningstar.com, and Yahoo! Finance