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BUSINESS
October 22, 1999 | Reuters
United Technologies Corp. said it will buy Cade Industries Inc., a leading manufacturer of jet engine test facilities, for $109 million in cash and the assumption of $20 million in debt. The diversified industrial manufacturing firm said Cade will be integrated into its Pratt & Whitney Engine Services unit. UT will pay $5.05 a share for all 21.6 million outstanding Cade shares. In Nasdaq trading, Cade stock reached a 52-week high of $4.94, then eased slightly to close at $4.
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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.
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BUSINESS
May 24, 1993 | From Times Staff and Wire Reports
Pratt & Whitney Speeds Layoffs to Calm Work Force: United Technologies Corp.'s Pratt & Whitney unit said it will lay off 800 mostly white-collar workers at its Florida engine plant about three months earlier than planned, to quell uneasiness among workers wondering whose jobs are in jeopardy. "The employees said, 'Hey, we want to get this over with,' " spokesman Bob Carroll 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
October 16, 1996 | Times Staff and Wire Reports
Firm Wants Smokers to Pay More for Insurance: Nonunion salaried employees of United Technologies Corp. who smoke are being told to pay an additional $500 each year for their medical insurance. However, the program taking effect Jan. 1 is based on the honor system. Workers at Pratt & Whitney, Hamilton Standard and other divisions of United Technologies were told to tell insurance administrators if they smoke cigarettes, cigars or pipes.
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
October 17, 1992 | From Reuters
United Technologies Corp., citing a further slowdown in jet engine sales, said Friday its Pratt & Whitney unit will cut an additional 4,800 jobs, bringing the division's total layoffs to 7,200 by mid-1993. In January, United Technologies, which builds everything from Otis elevators to Carrier air conditioners, said it was laying off 2,400 Pratt & Whitney workers as part of a companywide restructuring costing $1.28 billion.
BUSINESS
September 23, 1999 | Bloomberg News
United Technologies Corp. said it will expand its job cuts by 9,135, bringing the total under an announced restructuring to 14,500, or about 10% of its work force before the cuts. The maker of Pratt & Whitney aircraft engines has already cut 5,365 jobs across its divisions. The company declined to specify the operations targeted for cuts, but a spokesman said the majority will come from outside the U.S.
BUSINESS
August 29, 1992 | ROBERT A. ROSENBLATT, TIMES STAFF WRITER
United Technologies Corp. pleaded guilty to fraud and conspiracy Friday in connection with the "Ill Wind" Pentagon contracting scandal and agreed to pay $6 million in fines and penalties. The felony charges involved obtaining sensitive and confidential bid information on a radar control system for the Marine Corps and price data on engines for the Navy's F-404 jet. The information gave United Technologies unfair advantages in seeking military contracts.
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
October 14, 2004 | From Bloomberg News
Boeing Co. soon may be eligible to buy U.S. terrorism insurance at below-market rates, possibly escalating a dispute with Europe over subsidies to airplane manufacturers. Congress might give Boeing and engine makers General Electric Co. and United Technologies Corp. access to an airline insurance program set up after the 2001 terrorist attacks. Boeing said the measure was a "reasoned response" amid limited and costly options for liability insurance.
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.
CALIFORNIA | LOCAL
August 8, 2003 | From Times Wire Reports
An explosion demolished a building at a United Technologies Corp. facility, according to emergency dispatchers. The cause of the 5:52 p.m. blast was not clear, but no injuries were reported. United Technologies is an aerospace and manufacturing conglomerate. Rocket motors are made and tested at the facility The explosion released ammonium chloride into the air, a Santa Clara County dispatcher said, and people in the smoke's path were advised to stay inside.
BUSINESS
July 10, 2003 | From Bloomberg News
United Technologies Corp., the biggest maker of elevators through its Otis unit, agreed to buy ABM Industries Inc.'s elevator-repair unit for about $112 million in cash to offer more maintenance services in North America. The purchase of Anaheim-based Amtech Elevator Services is expected to close by Oct. 31, United Technologies said. Otis, based in Farmington, Conn., got most of its $6.
BUSINESS
October 19, 2002 | Bloomberg News
The Boeing Co.-United Technologies Corp. Comanche helicopter program has been cut almost in half by the Pentagon, according to documents. Under Secretary for Acquisition Edward "Pete" Aldridge signed the paperwork that directs the Army to limit quantities to 650 from 1,207, according to a summary released by the Pentagon. The program was to cost $47 billion if 1,207 helicopters were bought. The Army has spent $5.
BUSINESS
January 22, 1992 | From Times Staff and Wire Reports
United Technologies Corp. unveiled Tuesday a sweeping restructuring that will eliminate nearly 14,000 jobs at the industrial giant, close more than 100 factories worldwide and result in a $1.02-billion loss for 1991, the company's first loss in 20 years. In California, UTC's Carrier air conditioner subsidiary will close its City of Industry factory, which employs 400 people.
BUSINESS
March 13, 2002
* WebMD Corp., a medical-software maker and operator of a consumer Web site, said its fourth-quarter loss narrowed to $199.5 million, or 62 cents a share, from $1.35 billion, or $3.75, a year earlier. Sales fell 11% to $176.4 million. * Shareholders of Conoco Inc. and Phillips Petroleum Co. overwhelmingly approved the companies' proposed $15.6-billion merger, removing another hurdle before the companies can create the nation's third-largest oil corporation.
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