- United Technologies Corporation
Infobox Company
company_name = United Technologies Corporation
company_
company_type = Public (nyse|UTX)
company_slogan = You can see everything from here.
foundation = 1929
location = Hartford,Connecticut , USA
key_people =Louis R. Chênevert , CEOGeorge David , Chairman
num_employees = 222,000
industry = Conglomerates
products = Conglomerates
revenue = profit $54.759 billion USD (2007)| net_income = profit $4.224 billion USD (2007)| homepage = [http://www.utc.com/ utc.com]United Technologies Corporation (UTC) (nyse|UTX) is an American multinational conglomerate based in Hartford,
Connecticut and is the 20th largest U.S. manufacturer. [ [http://www.utc.com/profile/facts/index.htm United Technologies Corporation - Facts and Figures ] ] It researches, develops, and manufactures high-technology products in numerous areas, includingaircraft engines ,helicopter s, heating and cooling,fuel cells ,elevators andescalators , fire andsecurity , building systems, and industrial products, among others. UTC is also a large military contractor, producing missile systems and military helicopters, most notably theUH-60 Black Hawk helicopter . [ [http://www.corpwatch.org/article.php?list=type&type=14 CorpWatch : United Technologies ] ] In 2005, it received over 5 billion dollars in military contracts.Louis R. Chênevert is the current CEO. [cite web |url=http://finance.sympatico.msn.ca/investing/news/breakingnews/article.aspx?cp-documentid=6739961 |title=United Technologies elects Chenevert CEO |accessdate=2008-04-09 |date=9 April 2008 |publisher=Reuters]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 , andSikorsky Aircraft . As a result of theAir Mail Act in 1934, United Aircraft and Transport broke up into three independent companies: Boeing, United Aircraft, andUnited 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 andMostek were acquired; Mostek was sold in 1985 to the French electronics company Thomson. United Technologies acquiredSundstrand Corporation in 1999, and merged it into UTC's Hamilton Standard unit to formHamilton Sundstrand . Two years later, UTC entered the fire and security business by purchasingChubb Security , which was followed in 2005 byKidde . Also in 2005, United Technologies acquired Boeing'sRocketdyne 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 [ [http://www.sacusa.com/Closing_Press_Release.PDF Schweizer acquisition press release] ] under their Sikorsky Aircraft division. In 2007, UTC opened the Hawk Works [ [http://www.globalsecurity.org/military/library/news/2007/10/mil-071008-sikorsky01.htm Hawk Works opening article from Global Security web site] ] , a Rapid Prototyping and Military Derivatives Completion Center (RPMDCC) located west of theElmira-Corning Regional Airport in Big Flats, NY.In March 2008 UTC announced it had made a $2.63 billion bid to acquire
Diebold , aCanton, Ohio based manufacturer of banking and voting machines. [ [http://www.courant.com/news/local/statewire/hc-02194042.apds.m0738.bc-ct--unitmar02,0,1837156.story UTC's bid for Diebold] ] In September 2008 UTC's chairman commented that the acquisition was less than likely to happen. [ [http://www.bloomberg.com/apps/news?pid=20601087&sid=aJ6YsVBjXFwI&refer=home Diebold Falls on United Technologies Comment on Bid (Update2)] ]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. [ [http://www.opensecrets.org/industries/contrib.asp?Ind=D&Cycle=2004 Top Contributors to Federal Candidates and Parties: Defense ] ] 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, formerDeputy United States Attorney General ,William J. Perry , former Secretary of Defense, andChristine Todd Whitman , formerAdministrator of the Environmental Protection Agency . [ [http://www.pogo.org/p/contracts/c/co-030618-unitedtech.html pogo.org The Politics of Contracting - United Technologies 2004 Project On Government Oversight ] ]In
2005 , United Technologies was among 53 entities that contributed the maximum of $250,000 to the second inauguration of PresidentGeorge W. Bush . [cite news |first=Jim |last=Drinkard |title=Donors get good seats, great access this week |url=http://www.usatoday.com/news/washington/2005-01-16-inauguration-donors_x.htm |publisher=USA Today |date=2005-01-17 |accessdate=2008-05-25 ] [cite news |title=Financing the inauguration |url=http://www.usatoday.com/news/washington/2005-01-16-inaugural-donors_x.htm |publisher=USA Today |date= |accessdate=2008-05-25 ] [cite news |title=Some question inaugural's multi-million price tag |url=http://www.usatoday.com/news/washington/2005-01-14-price_x.htm |publisher=USA Today |date=2005-01-14 |accessdate=2008-05-25 ]Environmental record
Researchers at the
University of Massachusetts Amherst have identified UTC as the 43rd-largest corporate producer ofair pollution in the United States, with roughly 430,000 pounds of toxic chemicals released annually into the air. [ [http://www.peri.umass.edu/Toxic-100-Table.265.0.html Political Economy Research Institute Toxic 100] (Study released May 11, 2006) retrieved 15 Aug 2007] Major pollutants indicated by the study includemanganese ,chromium ,nickel , and related compounds. [ [http://www.rtknet.org/new/tox100/toxic100.php?company1=4053&chemfac=chem&advbasic=bas] Toxics Release Inventory courtesy rtknet.org] TheEnvironmental Protection Agency has named UTC asa potentially responsible party for at least 23Superfund toxic waste sites. [ [http://www.publicintegrity.org/Superfund/SiteResults.aspx?act=united%20technologiesEPA database courtesy Center for Public Integrity] ]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.Fact|date=July 2008 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.Fact|date=August 2008 In 2006, they joined the Chicago Climate Exchange as a Phase 1 and Phase 2 member. [ [http://www.utc.com/responsibility/environment.htm UTC - Community involvement, grants, financial support and support of the arts - hvac, fuel cells, helicopters, security systems, elevators ] ]
False claims verdict and fine
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. [Citation
title = United Technologies Fined for Inflating Jet Costs (Update1)
last = O'Reilly
first = Cary
last2 = Schmidt
first2 = Robert
date = 2008-08-01
publisher =Bloomberg L.P.
url = http://www.bloomberg.com/apps/news?pid=20670001&sid=a59rvdd3gLjg
accessdate = 2008-08-12]Business units
*Carrier: A maker of heating, ventilation,
air conditioning , andrefrigeration 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 Corporation : 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.
* [http://www.utrc.utc.com/ 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
Like many conglomerates, UTC has dabbled in many areas. Some of these companies included:
* Hamilton Test Systems, an
Arizona -based developer of vehicle emission test equipment, which was sold to Georgetown Partners in December1990 , who renamed it Envirotest Systems Corp. It is now part of Environmental Systems Products Holdings (ESPH).
*Inmont paint and resins, which was later sold toBASF
*Mostek semiconductor - from1979 to1985
*Norden Systems - a corporation that manufactures electronics systems for military use, now a part ofNorthrop Grumman .
* UT Automotive - Now, a division ofLear Corporation
* Chance Vought aircraft - from1928 to1954 References
External links
* [http://www.utc.com UTC Homepage]
* [http://www.gstock.com/quote/utx.html United Technologies Corp. stock quote & chart]
* [http://finance.google.com/finance?q=NYSE%3AUTX UTX stock quote & chart]
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