United Technologies Corporation

From Wikipedia, the free encyclopedia

(Redirected from UTX)

United Technologies Corporation

Type	Public (NYSE: UTX)
Founded	1929
Headquarters	Hartford, Connecticut, USA
Key people	George David, CEO & Chairman
Industry	Conglomerates
Products	Conglomerates
Revenue	$47.829 billion USD (2006)
Net income	$3.732 billion USD (2006)
Employees	222,000
Slogan	You can see everything from here.
Website	www.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.^[1] UTC is a $48 billion company that researches, develops, and manufactures 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 Black Hawk Helicopter.^[2] In 2005, it received over 5 billion dollars in military contracts. George David is the current CEO.

1 History
2 Political contributions
3 Environmental record
4 Business units
5 Former businesses
6 References
7 External links

The core group of United Technologies companies was founded in 1929 as United Aircraft and Transport Corporation, by the merger of Boeing, 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.

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.^[3] 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.^[4]

Researchers at the University of Massachusetts Amherst have identified UTC as the 43rd-largest corporate producer of air pollution in the United States, with roughly 430,000 pounds of toxic chemicals released annually into the air.^[5] Major pollutants indicated by the study include manganese, chromium, nickel, and related compounds. ^[6] The Environmental Protection Agency has named UTC as a potentially responsible party for at least 23 Superfund toxic waste sites.^[7]

UTC has made a major commitment to environmental health and safety for over 15 years. They are currently embarked 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.^[8]

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.
Sikorsky Aircraft Corporation: Maker of helicopters for commercial, industrial, and military uses.
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.

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 December 1990, who renamed it Envirotest. It is now part of the ESP Remote Sensing company.
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