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United Technologies Corporation
Type Public (NYSEUTX)
Founded 1929
Headquarters Hartford, Connecticut, USA
Key people Louis R. Chênevert, President & CEO
George David, Chairman
Industry Conglomerates
Products Conglomerates
Revenue $59.8 billion USD (2008)
Net income $4.7 billion USD (2008)
Employees 223,100 (2008)
Website utc.com

United Technologies Corporation (UTC) (NYSEUTX) 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 in military contracts. Louis R. Chênevert is the current CEO.[2]

Contents

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, 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 on May 1, 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] Diebold has since rejected the $2.63 billion buyout bid. ATM, ballot machine maker calls United Technologies bid inadequate.[7]

Business units

  • 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: 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.[8]

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.

Ito University Foundations

Ito University Foundations is a living tribute to the late Yuzuru Ito; he was one of the world's foremost experts on quality guru, as well as an avid bowler. The late Yuzuru Ito was UTC's quality advisor from 1980s until his death in 2000. Ito University teaches UTC managers, supervisors, shop and office workers and selected suppliers the fundamentals of improving the quality of business processes, products and services. The late Yuzuru Ito led quality efforts for Japan's Matsushita Electric (known in the U.S. as Panasonic) until he retired in 1999. Ito University Foundations is the bedrocks in UTC's drive to produce the best educated employee and supplier base in the world. Ito-san always talked about the importance of respect for workplace and employees, and the natural by-product is quality, Ito-san would say; “look for the bright and shiny eyes, there you will find quality.” [9]

Former businesses

  • 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 Systems Corp. It is now part of Environmental Systems Products Holdings (ESPH).
  • 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

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.[10]

In 2005, United Technologies was among 53 entities that contributed the maximum of $250,000 to the second inauguration of President George W. Bush.[11] [12] [13]

Environmental record

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 [14] including manganese, nickel, chromium and related compounds.[15]

In 2006, they joined the Chicago Climate Exchange as a Phase 1 and Phase 2 member.[16]

References

  1. ^ CorpWatch : United Technologies
  2. ^ "United Technologies elects Chenevert CEO". Reuters. 9 April 2008. http://finance.sympatico.msn.ca/investing/news/breakingnews/article.aspx?cp-documentid=6739961. Retrieved 2008-04-09.  
  3. ^ Schweizer acquisition press release
  4. ^ Hawk Works opening article from Global Security web site
  5. ^ UTC's bid for Diebold
  6. ^ Diebold Falls on United Technologies Comment on Bid (Update2)
  7. ^ [1]
  8. ^ [2]
  9. ^ [http://utc.com/utc/About_UTC/Our_Philosophy.html UTC - Quality. (2009). Ito University Foundations.
  10. ^ Top Contributors to Federal Candidates and Parties: Defense
  11. ^ Drinkard, Jim (2005-01-17). "Donors get good seats, great access this week". USA Today. http://www.usatoday.com/news/washington/2005-01-16-inauguration-donors_x.htm. Retrieved 2008-05-25.  
  12. ^ "Financing the inauguration". USA Today. http://www.usatoday.com/news/washington/2005-01-16-inaugural-donors_x.htm. Retrieved 2008-05-25.  
  13. ^ "Some question inaugural's multi-million price tag". USA Today. 2005-01-14. http://www.usatoday.com/news/washington/2005-01-14-price_x.htm. Retrieved 2008-05-25.  
  14. ^ "Toxic 100 Index". Political Economic Research Institute. http://www.peri.umass.edu/toxic100_index/. Retrieved 2008-11-26.  
  15. ^ "United Technologies". Political Economic Research Institute. http://data.rtknet.org/tox100/index.php?search=yes&database=t1&detail=1&datype=T&reptype=a&company2=4053&company1=&parent=&chemfac=chem&advbasic=bas. Retrieved 2008-11-26.  
  16. ^ UTC - Community involvement, grants, financial support and support of the arts - hvac, fuel cells, helicopters, security systems, elevators

External links

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