United Technologies Corporation (UTC) was an Americanmultinationalconglomerate headquartered inFarmington, Connecticut.^[1] It researched, developed, and manufactured products in numerous areas, includingaircraft engines, aerospace systems,HVAC,elevators andescalators, fire andsecurity, building automation, and industrial products, among others. UTC was also a large military contractor, getting about 10% of its revenue from the U.S. government.^[4][5] In April 2020, UTC merged with theRaytheon Company to form Raytheon Technologies, later renamedRTX Corporation.^[6]

United Technologies Corporation

Company type	Public
Traded as	NYSE: UTX
Industry	Conglomerate
Predecessor	United Aircraft
Founded	September 26, 1934 (1934-09-26) (as United Aircraft Corporation) May 1, 1975 (1975-05-01) (as United Technologies Corporation)
Founder	Frederick Rentschler (for the United Aircraft line)
Defunct	April 3, 2020 (2020-04-03)
Fate	Merged withRaytheon to formRTX;Otis andCarrier spun off.
Successors	RTX Corporation Otis Worldwide Carrier Global
Headquarters	Farmington, Connecticut , United States[1]
Area served	Worldwide
Key people	Gregory J. Hayes (president,chairman andCEO)[2][3]
Revenue	US$71.31 Billion (2019)

In 1974,Harry Jack Gray leftLitton Industries to become the CEO of United Aircraft.^[7] He pursued a strategy of growth and diversification, changing the parent corporation's name to United Technologies Corporation (UTC) in 1975 to reflect the intent to diversify into numeroushigh tech fields beyond aerospace.^[8] (The change became official on May 1, 1975.) The diversification was partially to balance civilian business against any overreliance on military business.^[7] UTC became amergers and acquisitions (M&A)–focused organization, with various forced takeovers of unwilling smaller corporations.^[7] The next year (1976), UTC forcibly acquiredOtis Elevator.^[9] In 1979,Carrier Refrigeration andMostek were acquired;^[10] the Carrier deal was forcible, while the Mostek deal was awhite knight move against hostile takeover designs byGould.

At one point, the military portion of UTC's business, whose sensitivity to "excess profits" and boom/bust demand drove UTC to diversify away from it, actually carried the weight of losses incurred by the commercial M&A side of the business.^[7] Although M&A activity was not new to United Aircraft, the M&A activity of the 1970s and 1980s was higher-stakes and arguably unfocused. Rather than aviation being the central theme of UTC businesses,high tech (of any type) was the new theme. Some Wall Street watchers questioned the true value of M&A at almost any price, seemingly for its own sake.^[7]

Mostek was sold in 1985 to the French electronics companyThomson.^{[citation needed]}

In 2007, UTC opened the Hawk Works, a Rapid Prototyping and Military Derivatives Completion Center (RPMDCC) located west of theElmira-Corning Regional Airport inBig Flats, New York.^[11]

In March 2008, UTC made a $2.63 billion bid to acquireDiebold, aCanton, Ohio based manufacturer of banking and voting machines. Diebold rejected the buyout bid as inadequate.^[12]

In April 2010, UTC announced that it was investing €15 million ($20 million) to set up the United Technologies Research Centre Ireland atUniversity College Cork’s Tyndall National Institute which would carry out research on energy and security systems.^[13]

In June 2012, it was discovered that UTC sold military technology to the Chinese.^[14] For pleading guilty to violating theArms Export Control Act and making false statements, United Technologies and its subsidiaries were fined $75 million.^[15]

In February 2013,UTC Power was sold toClearEdge Power.^[16]

In October 2014,Toshiba and United Technologies made a deal to expand their joint venture outsideJapan.^[17]

In February 2016, UTC subsidiaryCarrier Air Conditioner announced to employees at its Indianapolis and Huntington plants, that Carrier is moving manufacturing to Mexico: "The best way to stay competitive and protect the business for long-term is to move production from our facility in Indianapolis to Monterrey, Mexico. "^[18] In December, Carrier agreed to keep the Indianapolis plant open, keeping 700 jobs in Indianapolis.^[19] The plant in Huntington, Indiana would still close their doors, leaving 700 employees jobless.^[20]

In June 2019, United Technologies announced the intention to merge with defense contractorRaytheon to form Raytheon Technologies Corporation. The combined company, valued at more than $100 billion after planned spinoffs, would be the world's second-largest aerospace-and-defense company by sales behind Boeing.^[21] Although UTC was the nominal survivor, the merged company was headquartered at legacy Raytheon's former base inWaltham, Massachusetts.^[22] The merger was completed in April 2020.^[6]

In March 2020, United Technologies Corporation announced the separations ofCarrier Global andOtis Worldwide.^[23]

In April 2008,Louis Chênevert succeededGeorge David as the company'schief executive officer (CEO).^[24][2] Chênevert served until 2014, when he was succeeded byGregory Hayes.^[2]

Thechief financial officer's (CFO) position was held by Gregory Hayes until 2014, when he succeeded Louis Chênevert as CEO.^[2] Thechairman of the board of directors (chairperson) position went to Louis Chênevert, then the company's CEO, in January 2010, succeeding George David.^[24]

For the fiscal year 2017, United Technologies reported earnings of US$4.552 billion, with an annual revenue of US$59.837 billion, an increase of 4.5% over the previous fiscal cycle. United Technologies shares traded at over $114 per share, and its market capitalization was valued at US$98.6 billion in October 2018.^[25] UTC ranked No. 51 in the 2018Fortune 500 list of the largest United States corporations by total revenue.^[26]

• Otis Elevator Company: Manufacturer, installer, and servicer of elevators, escalators, and moving walkways.
• Pratt & Whitney: Designs and builds aircraft engines and gas turbines.^[24]
  • Pratt & Whitney Canada
• Collins Aerospace: 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. Collins Aerospace was formed following UTC's acquisition ofRockwell Collins in 2018, by combining the newly acquired business with UTC Aerospace Systems, which itself was the result of a 2012 merger ofHamilton Sundstrand andthe Goodrich Corporation.
• UTC Climate, Controls & Security:^[28] Makes fire detection and suppression systems, access control systems, and security alarm systems; provides security system integration and monitoring services.
  • Carrier: A global manufacturer of heating, ventilation,air conditioning, andrefrigeration systems.
    • NORESCO^[29][30][31]
  • Chubb:^[32] a fire and security systems manufacturer.
• United Technologies Research Center (UTRC): A centralized research facility that supports all UTC business units in developing new technologies and processes.^[33]

• 1999:Sundstrand Corporation, merged into UTC's Hamilton Standard unit to formHamilton Sundstrand.^{[citation needed]}
• 2003,Chubb Security.
• 2004,Schweizer Aircraft Corporation planned to be operated as a wholly owned subsidiary under theirSikorsky Aircraft division.^[34]
• 2005,Kidde.
• 2005, Boeing'sRocketdyne division, which was merged into thePratt & Whitney business unit and renamedPratt & Whitney Rocketdyne (later sold toAerojet) and merged intoAerojet Rocketdyne.
• 2008,NORESCO, an energy service company, acquired by UTC'sCarrier Corporation d^[35]
• 2009, a 49.5% stake inClipper Windpower for $206 million.^{[36][37][38][39]} In 2010, UTC agreed with Clipper to acquire the rest of the company.^[40]
• 2010General Electric's security equipment business for US$1.8 billion, to supportUTC's Fire & Security unit.^[24]
• 2011, UTC acquired a $18.4 billion deal (including $1.9 billion in net debt assumed) for aircraft components makerGoodrich Corporation.^[41]
• 2012, United Technologies acquiredGoodrich and merged it withHamilton Sundstrand; the resulting organization isUTC Aerospace Systems
• 2015, UTC Building & Industrial Systems completed the acquisition ofCIAT Group, a leadingHVAC manufacturing company in France.^[42] In November,Lockheed Martin completed its $9.0 billion acquisition ofSikorsky Aircraft.^[43]
• 2017, UTC proposed to acquireRockwell Collins in cash and stock for $23 billion, $30 billion including Rockwell Collins' net debt, for $500+ million of synergies expected by year four.^[44] In 2018, the company announced the Rockwell Collins deal had closed, and that it will split into three independent companies.^[45]Pratt and Whitney and the newly formedCollins Aerospace will remain under United Technologies, whileOtis Elevator andUTC Climate, Controls & Security (doing business asCarrier) will be spun off as two independent companies.^[46]

• Clipper Windpower: A maker ofwind turbines, acquired in 2010, sold in 2012 to Platinum Equity LLC.
• Hamilton Standard: became part ofHamilton Sundstrand, thenUTC Aerospace Systems, nowCollins Aerospace
• Hamilton Test Systems: developer of vehicle emission test equipment, sold to Georgetown Partners in 1990
• Inmont: paint and resins, sold toBASF
• Kidde: manufacturer of smoke alarms, carbon monoxide alarms and fire extinguishers. Now a subsidiary of UTC spin-off,Carrier
• Mostek semiconductor: from 1979 to 1985
• Norden Systems: manufacturer of electronics systems for military use, acquired in 1958, sold to Westinghouse in 1994^[47]
• Pratt & Whitney Rocketdyne: sold in June 2013 and now part ofGenCorp
• Sikorsky Aircraft: helicopters manufacturer;^[24] sold toLockheed Martin^[48]
  • PZL Mielec^[49]
• Turbo Power and Marine Systems, Inc: a manufacturer of simple-cycle electrical power generation units of 25 MW and 50 MW. Renamed Pratt & Whitney Power Systems in 2000,^[50] sold toMitsubishi Heavy Industry in May 2013^[51] and is now a MHI group company named PW Power Systems, Inc.
• UT Automotive: now a division ofLear Corporation
• UT Communications: manufacturer of telephone equipment, sold toMemorex in 1985
• UTC Power: a manufacturer of distributed power generation systems and fuel cells for commercial, transportation, and space and defense applications. Sold toClearEdge Power in February 2013.

During the2004 election cycle, UTC was the sixth largest defense industry donor to political campaigns, contributing a total of $789,561; 64% went to Republicans. In the2006 election cycle, UTC was again the sixth largest donor to federal candidates and political parties; 53% of the funds were contributed to Republicans, 35% percent to Democrats;^[52]

In 2005, the firm was among 53 entities that contributed the maximum of $250,000 to the second inauguration of PresidentGeorge W. Bush.^[53][54]

In 1981, a contribution from UTC made possible the exhibition "Paris/Magnum: Photographs 1935–1981", featuring photographs ofParis taken by photographers ofMagnum Photos, the agency founded in 1947 byRobert Capa,George Rodger,Henri Cartier-Bresson,William Vandivert, andDavid Seymour. A volume of the same title, with text byIrwin Shaw and an introduction byInge Morath, was also published in 1981.

UTC is the sponsor of the exhibition "Aphrodite and the Gods of Love" atBoston's Museum of Fine Arts that opened in fall 2011.^[55]

The firm and its subsidiaries are major contributors to museums such as theNew England Air Museum.^[56][57]

In April 2015, UTC signed an education partnership agreement with theChina Friendship Foundation for Peace and Development,^[58] aunited front organization under the control of theChinese People's Association for Friendship with Foreign Countries.^[59][60]

Researchers at theUniversity of Massachusetts Amherst have identified UTC as the 38th-largest corporate producer ofair pollution in the United States as of 2008. UTC released roughly 110,000 pounds (50,000 kg) of toxic chemicals annually into the atmosphere^[61] includingmanganese,nickel,chromium and related compounds.^[62][63]

In the 2016University of Massachusetts Amherst Toxic 100 Air Polluters Index, UTC was ranked 9th by a toxicity population exposure score. It was also reported they release 60,000 pounds (27,200 kg) of toxins into the air.^[64]

• Top 100 US Federal Contractors
• Honor Award from theNational Building Museum
• Yuzuru Ito
• Eva Collins, academic and lobbyist

• Fernandez, Ronald (1983),Excess Profits: The Rise of United Technologies, Boston: Addison-Wesley,ISBN 9780201104844.
• Holland, Max (1989),When the Machine Stopped: A Cautionary Tale from Industrial America, Boston: Harvard Business School Press,ISBN 978-0-87584-208-0,OCLC 246343673.

• UTC website