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BUSINESS
September 22, 2011 | Bloomberg News
United Technologies Corp. agreed Thursday to buy Goodrich Corp. for $16.5 billion, adding a maker of aircraft landing gear and jet-turbine casings to take advantage of a record surge in commercial plane orders. The acquisition caps a years-long pursuit by United Technologies, whose aviation brands include Pratt & Whitney jet engines and Sikorsky helicopters. Chief Executive Louis Chenevert plans to fold his Hamilton Sundstrand aviation equipment and Goodrich into UTC Aerospace Systems, based in Goodrich's hometown of Charlotte, N.C. Goodrich stockholders will get $127.50 a share as Hartford, Conn.-based United Technologies finances about 25% of the purchase with equity and the rest with new debt.
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BUSINESS
April 23, 2013 | By Walter Hamilton
Stocks got off to a strong start Tuesday despite a batch of dispiriting global economic data. As of 7:15 a.m. PDT, the Dow Jones industrial average jumped 119.83 points, or 0.8%, to 14,687. The gain gave hope to market bulls after last week's sharp drop in stock prices stoked talk that the market was poised for a more extended setback. The market was driven by solid earnings reports from companies such as Netflix, Travelers and United Technologies. Investors also were buoyed by encouraging news on home sales and prices and on U.S. manufacturing.
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BUSINESS
February 23, 1999 | Reuters
In the biggest deal in its 70-year history, United Technologies Corp., a leading maker of jet engines and aerospace components, said it has agreed to acquire aerospace components supplier Sundstrand Corp. for about $4.3 billion. Hartford, Conn.-based United Technologies said it would pay for the purchase 50% in cash and 50% in stock. It said the deal values Sundstrand at $70 a share, $11.50 above the stock's closing price on the New York Stock Exchange on Friday. Rockford, Ill.
BUSINESS
September 22, 2011 | Bloomberg News
United Technologies Corp. agreed Thursday to buy Goodrich Corp. for $16.5 billion, adding a maker of aircraft landing gear and jet-turbine casings to take advantage of a record surge in commercial plane orders. The acquisition caps a years-long pursuit by United Technologies, whose aviation brands include Pratt & Whitney jet engines and Sikorsky helicopters. Chief Executive Louis Chenevert plans to fold his Hamilton Sundstrand aviation equipment and Goodrich into UTC Aerospace Systems, based in Goodrich's hometown of Charlotte, N.C. Goodrich stockholders will get $127.50 a share as Hartford, Conn.-based United Technologies finances about 25% of the purchase with equity and the rest with new debt.
BUSINESS
January 12, 2002 | Reuters
United Technologies Corp. announced the retirement of its president and chief operating officer, Karl Krapek, a 20-year company veteran, and did not name a replacement. Krapek, who was named to those positions in April 1999, will retire at the end of the month, the company said. Thursday, United Technologies said it had frozen 2002 wages at five of six business units to cut costs.
BUSINESS
May 29, 1990 | United Press International
United Technologies Corp. said it agreed to sell its automotive sealing business to Schlegel Corp. for $200 million. Schlegel, based in Rochester, N.Y., is the U.S. subsidiary of Britain's BTR PLC. United Technologies said it will use proceeds from the sale of its sealing business, based in Detroit, to reduce debt. United Technologies acquired substantial debt when it acquired Sheller-Globe Corp. last year.
BUSINESS
June 14, 2005 | From Reuters
United Technologies Corp. and Boeing Co. plan to team up to bid for a proposed search and rescue helicopter order for the Air Force that could be valued at more than $2 billion, sources close to the agreement said. Boeing Air Force Systems would be the lead system integrator in the joint bid with Sikorsky Aircraft, the helicopter unit of United Technologies, for the contract to manufacture up to 146 Personnel Recovery Vehicles for the U.S. military, the sources said.
BUSINESS
September 16, 1986
Harry J. Gray, the man who built United Technologies Corp. into a diversified conglomerate through a series of acquisitions, said Monday that he will retire as chairman of the company at year-end. Gray's retirement had been a subject of speculation since he gave up control of day-to-day operations at UTC in February. Robert F. Daniell, president and chief executive of Hartford, Conn.
BUSINESS
May 26, 2003 | From Reuters
U.S. industrial conglomerate United Technologies Corp. and British security services company Chubb are nearing a takeover deal that could value Chubb at about $950.5 million, sources close to the situation said Sunday. The sources in Britain and the United States said talks were at an advanced stage and that an announcement could come as early as next week. Chubb said in April that it had received a takeover approach from an unnamed party.
BUSINESS
October 18, 1985 | Associated Press
United Technologies Corp. said Thursday that it has closed its Mostek semiconductor subsidiary and plans to sell its telecommunications businesses, moves that it said will result in an after-tax loss of $423.7 million and eliminate 4,600 jobs. Harry S. Gray, UTC's chairman and chief executive, said the termination of Mostek and sale of the telecommunications businesses "are difficult and unpleasant but absolutely essential to end the drain on our earnings."
BUSINESS
May 22, 2011 | By Andrew Leckey
Question: What's your opinion of United Technologies Corp.? Answer: As with any conglomerate, an investor must do some homework to fully understand United Technologies' diversified array of businesses. The company has a number of well-known brands, including Carrier air conditioners, which are experiencing strong worldwide sales. Its Otis elevator unit — as well as Carrier — should benefit from a high level of construction in China. The firm's Pratt & Whitney jet engine business is a solid performer boasting new models with improved fuel economy and reduced noise, and its Sikorsky unit is a major manufacturer of helicopters.
CALIFORNIA | LOCAL
July 13, 2009 | Times Staff and Wire Reports
Harry J. Gray, 89, the retired United Technologies Corp. chief executive who is credited with transforming the company into an industrial conglomerate, died Wednesday in Hartford, Conn., according to his family. The cause was not given. Gray, who became president of what was then United Aircraft Corp. in 1971, was chairman and chief executive from 1972 to 1986. The Hartford-based United Technologies, the parent of jet engine manufacturer Pratt & Whitney, Otis Elevator, Sikorsky Aircraft and other businesses, credits Gray with leading it from a $2-billion defense company to a $17-billion diversified conglomerate.
BUSINESS
March 11, 2009 | Associated Press
United Technologies Corp., saying the downturn in its core markets is worse than expected, cut its 2009 profit forecast 13% on Tuesday and will eliminate 11,600 jobs, or 5% of its global workforce. The announcement by the maker of Otis elevators and Sikorsky helicopters reverses the guarded optimism of a month ago. The company now says the markets for commercial aerospace and global construction have worsened since December as worldwide construction and aerospace orders slowed.
BUSINESS
March 3, 2008 | From Reuters
United Technologies Corp. said Sunday that it had made a $2.64-billion unsolicited cash offer for Diebold Inc., which makes automated teller machines. United Technologies, the maker of Otis elevators and Chubb security systems, said Diebold would be an "excellent fit" because of its "strong market position, U.S. footprint and balance between product and service revenues." Diebold last month rebuffed United Technologies' efforts to start merger talks, saying a combination of the two wasn't in the best interests of Diebold shareholders, United Technologies said.
BUSINESS
June 14, 2005 | From Reuters
United Technologies Corp. and Boeing Co. plan to team up to bid for a proposed search and rescue helicopter order for the Air Force that could be valued at more than $2 billion, sources close to the agreement said. Boeing Air Force Systems would be the lead system integrator in the joint bid with Sikorsky Aircraft, the helicopter unit of United Technologies, for the contract to manufacture up to 146 Personnel Recovery Vehicles for the U.S. military, the sources said.
BUSINESS
February 2, 2005 | Peter Pae, Times Staff Writer
Boeing Co. is close to selling its storied Rocketdyne rocket engine manufacturing business in the west San Fernando Valley to United Technologies Corp. in a deal potentially worth about $500 million, industry sources said Tuesday. The sale of Rocketdyne, which helped pioneer space exploration in the 1960s, has been rumored as Boeing has struggled to turn a profit in the space launch business. The possible sale to Hartford, Conn.
BUSINESS
January 21, 2004 | From Times Staff and Wire Reports
U.S. stocks closed mostly higher Tuesday despite a slide in some big-name blue chips. In other trading, gold prices rebounded as the dollar fell. Bond yields edged up. Tokyo stocks rallied after the Bank of Japan said it was easing monetary policy to help the economy. On Wall Street, the Dow Jones industrial average slumped as earnings reports from some key companies triggered profit taking. The Dow lost 71.85 points, or 0.7%, to 10,528.66, pulled down by 3M, which fell $5.07 to $80.
CALIFORNIA | LOCAL
August 9, 2003 | From Associated Press
Investigators were trying Friday to determine the cause of an explosion that destroyed a San Jose laboratory and office building. Executives at Pratt & Whitney Space Propulsion said it remained a mystery. "We are still determining the extent of damage and are working diligently to find the root cause of this incident," said Larry Knauer, president of the Space Propulsion unit of P&W, a division of United Technologies Corp. that formulates liquid, solid, electric and hypersonic rocket propellant.
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