United Technologies Corporation (UTC) is a global technology company with a history of pioneering innovation in aerospace, aviation, helicopter design, climate control, elevator design, and hydrogen fuel cells. Founded by engineers who created new industries, UTC continues to create products that consume fewer resources and produce less emissions during manufacture and in operation. The United Technologies Research Center scientists specialize in fields as diverse as fluid dynamics, advanced materials, controls, modeling, and simulation. In 2007, UTC invested $3.6 billion in companyand customer funded research and development.
UTC maintains a balanced portfolio of businesses spanning a range of geographies and markets. In doing so, it is able to take advantage of both long and short business cycles, thereby reducing the impact of downturns in individual markets or economies. In 2007, UTC revenues exceeded $54 billion, which doubles revenues received since 2000. Earnings per share grew 15 percent in 2007 to $4.27 per share. Total shareholder revenue for 2007 was 24 percent, ranking UTC first among the Dow Jones Industrials and within the top quartile of the Standard & Poor’s (S&P) 500. Regularly rewarded for performance with external recognition, UTC ranks among the 100 Most Sustainable Companies in the World at the Davos World Economic Forum and on the Dow Jones Sustainability Indexes. Fortune magazine ranked UTC first among aerospace and defense companies in its annual 2007 Most Admired survey.
Despite having headquarters in Hartford, Connecticut, 62 percent of UTC’s revenues and 65 percent of UTC’s employees remain outside the United States. UTC employs 225,600 employees worldwide.
UTC businesses include the following:
Carrier: Employees 42,800, Revenues $14.6 billion, Operating Profits $1.4 billion, www.carrier.com. Carrier is a heating, ventilation, air conditioning, and refrigeration (HVACR) company that provides systems, components, controls, and services for residential, commercial, industrial, and transportation companies. In 2007, Carrier won 69 percent of 2008 Beijing Olympics–related air conditioning contracts. Other customers include Princeton University, Mayo Clinic, and Asda/Wal-Mart.
Hamilton Sundstrand: Employees 18,300, Revenues $5.6 billion, Operating Profits $967 million, www.hamiltonsundstrand.com. Hamilton Sundstrand is an electrical power company that provides power generation and distribution systems, engine accessories, flight control systems, and pilot controls, light-emitting diode (LED) lighting, and fire protection products for aircraft and military ground vehicles. Hamilton Sundstrand is prime contractor for the National Aeronautics and Space Administration’s (NASA’s) space suit/life support system, electric power system, and various other systems for international space programs. Other customers include Airbus and Singapore Airlines.
Otis: Employees 62,900, Revenues $11.9 billion, Operating Profits $2.3 billion, www.otis.com. Otis is an elevator company that designs, manufactures, installs, services, and upgrades elevators, escalators, and moving walkways for buildings. Contract projects include the Beijing Olympics, Tres Molinos (Spain), New Songdo City (Seoul, Korea), and Bahrain City Centre. Otis currently maintains a service portfolio to 1.6 million elevators and escalators worldwide.
Pratt & Whitney: Employees 38,500, Revenues $12.1 billion, Operating Profits $2 billion, www.pw.utc.com. Pratt & Whitney provides turbofan engines for large commercial and military aircraft, and turboprop engines for regional, business, light jet, utility, and military aircraft. It also provides turboshaft engines for military and commercial helicopters, maintenance, repair, and overhaul services, and fleet management services. Customers include NASA’s space shuttle and Vision for Space Exploration, and Lockheed Martin. Pratt & Whitney was also chosen by The Spaceship Company to power the White Knight Two launch aircraft for the world’s first commercial passenger suborbital spaceship.
Sikorsky: Employees 14,600, Revenues $4.8 billion, Operating Profits $373 million, www.sikorsky.com. Sikorsky is a military and commercial helicopter company offering fixed-wing aircraft, spare parts and maintenance, and repair and overhaul services. Customers include the U.S. government and U.S. Navy fleet. The most well-known Sikorsky product is the Black Hawk helicopter.
UTC Fire & Security: Employees 47,200, Revenues $5.8 billion, Operating Profits $443 million, www.utc fireandsecurity.com. UTC Fire & Security is an electronic security and fire safety company that provides safety systems, software and services, design, integration, installation and servicing of access controls, intruder alarms, video surveillance, and fire detection and suppression systems. The company also provides monitoring, response, and security personnel services. UTC Fire & Security currently services more than one million global customers.
UTC Power: Employees 586, www.utcpower.com. UTC Power provides fuel cell systems for on-site, transportation, space, and defense applications. Customers include the U.S. space shuttle program, Navantia (Spanish shipbuilder specializing in submarines), and Van Hool (Belgian hybrid electric transit bus manufacturer). In 2007, R&D magazine rated UTC Power’s PureCycle geothermal power system as one of the 100 most technologically significant products introduced during that year.
- Michelle Mowad, “Life Sciences, Technology Industries Proving Lucrative for UTC Area Office,” San Diego Business Journal (June 25, 2007);
- United Technologies, United Technologies Corporation 2006 Corporate Responsibility Report: At the Intersection (United Technologies, 2006);
- United Technologies, United Technologies Corporation 2007 Annual Report (UTC, 2007).
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