United Technologies Corporation (UTX) - NYSE
  • Fri, Feb. 26, 7:48 AM
    • Pratt & Whitney (NYSE:UTX) has suffered a fresh problem during testing of new aircraft engines for the Airbus A320neo, but flight trials of the new version jet are continuing, Reuters reports.
    • "We found a bearing had seized within the main oil pump. We have never seen that anywhere in flight tests," an industry executive said.
    • Although described as routine, the latest snag comes as A320 family remains under scrutiny in the wake of other engine problems.
    • Pratt says a redesigned part will be followed by a software fix within weeks.
    • Previously: Pratt to deliver fixed engines starting in June (Feb. 17 2016)
    • Previously: A320neo engine problems to be solved by April (Feb. 12 2016)
    | Fri, Feb. 26, 7:48 AM | 6 Comments
  • Wed, Feb. 24, 12:40 PM
    | Wed, Feb. 24, 12:40 PM | 2 Comments
  • Tue, Feb. 23, 3:59 PM
    • A new statement from Honeywell (HON -0.9%) takes an opposite stance from would-be merger partner United Technologies (UTX -0.9%), suggesting it doesn't see regulatory issues as any obstacle to what would be a giant deal.
    • "The value creation from a combination is significant, including the benefits of $3.5 billion in annualized cost synergies," Honeywell says in a statement. "We do not see the regulatory process as a material obstacle to a transaction."
    • Shares jumped for both companies yesterday on news that the two had talked about merging into what would be an aerospace giant, though United Tech dampened speculation with statements saying it thought a merger wouldn't pass antitrust muster.
    • "A combined Honeywell and United Technologies would maintain a strong investment grade rating, and have higher free cash flow and a rapid deleveraging profile," Honeywell says. "We would not and will not pursue a transaction that is not in the best interest of our shareowners, consistent with our successful and disciplined capital deployment framework."
    • Previously: United Tech CEO discusses Honeywell merger talks (Feb. 23 2016)
    • Previously: Honeywell closes lower on report that UTX rebuffed merger as unlikely (Feb. 22 2016)
    • Previously: CNBC: Honeywell, United Technologies discussed megamerger (Feb. 22 2016)
    | Tue, Feb. 23, 3:59 PM | 21 Comments
  • Tue, Feb. 23, 10:26 AM
    • "This isn't just something we came up with ourselves [regulatory approval issues] we actually went out to blue chip law firms, who pined on it...it is apparent that it's very hard to do the deal."
    • "What they have bottom line said is that it would be irresponsible for us to pursue the merger, because of the potential destruction in value, the distraction of what we're trying to do on a long term basis."
    • "We're just in the process of reinvigorating UTC...and the thought of trying to distract everybody with a merger just doesn't make sense."
    • See the interview here
    • Previously: Honeywell closes lower on report that UTX rebuffed merger as unlikely (Feb. 22 2016)
    • Now read: Clash Of The Titans: Honeywell & United Technologies
    | Tue, Feb. 23, 10:26 AM | 7 Comments
  • Mon, Feb. 22, 5:35 PM
    • After reports of megamerger discussions goosed the stocks of Honeywell (HON -1.9%) and United Technologies (UTX +4.8%) earlier today, Honeywell dropped to close in the red on further reports that UTX didn't think the deal would get an antitrust OK.
    • Each conglomerate is worth more than $70B and makes a wide variety of goods, but they have a heavy overlap in aerospace.
    • Regulators would likely be as concerned with the deal as supply customers Boeing and Airbus. "There is no chance the government will give them a pass,” said University of Michigan professor Erik Gordon.
    • Honeywell had floated a merger with United Tech in 2000 under different leadership before GE jumped in with a $40B deal to buy Honeywell -- which was blocked by European regulators in 2001.
    • Updated 7:40 p.m.: UTX confirms it never explored options due to "significant regulatory obstacles, customer concerns and valuation issues"; In particular, UTX said "combining two of the world's largest players in the aerospace and commercial building segments would face insurmountable regulatory obstacles and strong customer opposition, and could either be blocked outright or conditioned on significant divestitures after a lengthy and disruptive review period that would destroy shareholder value."
    • Previously: CNBC: Honeywell, United Technologies discussed megamerger (Feb. 22 2016)
    | Mon, Feb. 22, 5:35 PM | 17 Comments
  • Mon, Feb. 22, 1:22 PM
    • Honeywell (HON +2%) and United Technologies (NYSE:UTX) have had talks about a merger to create an aerospace megacorp that would represent $94B in sales, CNBC is reporting.
    • UTX has jumped 4.4% on the news.
    • Talks are early stage, but reportedly occurred within the past two weeks and involved Honeywell offering a premium in a mostly-stock deal.
    • Any combination would face strict antitrust scrutiny, and likely heavy opposition from plane customers like Boeing and Airbus.
    | Mon, Feb. 22, 1:22 PM | 22 Comments
  • Wed, Feb. 17, 8:47 AM
    • Pratt & Whitney (NYSE:UTX) will deliver revised engines for A320neo jets starting in June, after glitches caused Qatar Airways to reject the planes it had ordered.
    • The company is working closely with Qatar Air and Airbus on the issue and making "minor changes" to the devices, Pratt & Whitney's Greg Gernhardt said at the Singapore Airshow.
    • The glitch isn't caused by a technology problem, he added.
    • Previously: Pratt & Whitney gets to work on Qatar's A320neos (Feb. 16 2016)
    • Previously: A320neo engine problems to be solved by April (Feb. 12 2016)
    | Wed, Feb. 17, 8:47 AM | 1 Comment
  • Wed, Feb. 17, 8:31 AM
    • CFM International, a joint venture between GE and Safran (OTCPK:SAFRY), secured a $4.9B order from Transportation Partners, the leasing arm of Lion Group.
    • Pratt & Whitney (NYSE:UTX) obtained a $3B contract from VietJet Aviation.
    • Both orders are for powering Airbus A320neo family aircraft.
    | Wed, Feb. 17, 8:31 AM | 1 Comment
  • Tue, Feb. 16, 10:31 AM
    • Pratt & Whitney President (UTX -0.2%) Bob Leduc is hopeful that a deal to build 167 engines to power the F-35 will be completed in the first half of the year and confirmed it would be worth a little more than $3B.
    • The company and the Pentagon said in January that the deal covered a ninth group of 66 engines and a tenth lot of 101 engines are expected to lower their cost by between 3%-4% in each batch.
    | Tue, Feb. 16, 10:31 AM | 3 Comments
  • Tue, Feb. 16, 8:50 AM
    • Pratt & Whitney (NYSE:UTX) is installing fixes on Airbus A320neo engines ordered by Qatar Airways after airline CEO Akbar Al Baker threatened to cancel the order citing "a lot of problems."
    • The Gulf airline has ordered 50 A320neo-family aircraft and was originally due to take the first delivery in December, but rejected the jet due to what it called an engine problem. The first jet instead went to Lufthansa.
    • UTX +1.3% premarket
    • Previously: A320neo engine problems to be solved by April (Feb. 12 2016)
    • Previously: Airbus ditches Pratt engines for A321neo's first flight (Feb. 08 2016)
    | Tue, Feb. 16, 8:50 AM | 1 Comment
  • Fri, Feb. 12, 5:58 PM
    • United Technologies (UTX +1.5%) has priced an offering of senior notes coming to €2.2B in aggregate.
    • The company priced €950M in principal of 1.125% senior notes maturing in December 2021, €500M of 1.875% senior notes maturing February 2026, and €750M of senior floating-rate notes maturing in February 2018.
    • It expects to close the offering Feb. 22 and use proceeds for general purposes. The company had $20.4B in total debt at last report, and $7.1B in cash.
    • Shares are 0.9% lower after hours.
    | Fri, Feb. 12, 5:58 PM | 8 Comments
  • Fri, Feb. 12, 8:17 AM
    • Any technical problems with the engines of Airbus's (OTCPK:EADSY) A320neo should be resolved in the coming weeks, Pratt & Whitney's (NYSE:UTX) Robert Leduc said at a ceremony at which Lufthansa took delivery of the first A320neo.
    • The German carrier stepped up to become the first airline to take delivery of the revamped passenger jet after Qatar Airways voiced uncertainty over the technical performance of its Pratt & Whitney engines.
    | Fri, Feb. 12, 8:17 AM | 6 Comments
  • Mon, Feb. 8, 1:57 PM
    • United Technologies (NYSE:UTX) declares $0.64/share quarterly dividend, in line with previous.
    • Forward yield 2.97%
    • Payable March 10; for shareholders of record Feb. 19; ex-div Feb. 17.
    | Mon, Feb. 8, 1:57 PM | 4 Comments
  • Mon, Feb. 8, 7:44 AM
    • Airbus (OTCPK:EADSY) has decided not to use engines made by Pratt & Whitney (NYSE:UTX) to power the first test flight of its A321neo, and will instead use those made by rival CFM International.
    • The French planemaker played down the switch, saying it didn't matter which engines were used for initial flights.
    • Airbus still intends to deliver the first A321neos powered by Pratt & Whitney by the end of 2016, with the CFM-powered A321neos being handed over in early 2017, said spokesman Stefan Schaffrath.
    | Mon, Feb. 8, 7:44 AM | 2 Comments
  • Fri, Feb. 5, 11:25 PM
    • The U.S. Defense Department plans to buy 404 Lockheed Martin (NYSE:LMT) F-35 fighter jets over the next five years, part of revised procurement figures to be released Tuesday when the Pentagon issues its fiscal 2017 budget and the new five-year plan, Reuters reports.
    • The orders will amount to ~$40B in new revenue for LMT, the DoD's top supplier, and engine maker Pratt & Whitney (NYSE:UTX), according to the report.
    • The new plan calls for the Air Force to buy 243 F-35 jets through fiscal 2021, 45 fewer than planned, as the service juggles funds to pay for a new long-range bomber to be built by Northrop Grumman (NYSE:NOC) and KC-46A refueling planes to be built by Boeing (NYSE:BA).
    | Fri, Feb. 5, 11:25 PM | 63 Comments
  • Fri, Feb. 5, 3:58 PM
    • Aircraft engine maker CFM International, a joint venture of GE and France's Safran (OTC:SAFRF), says it sold 2,154 engines last year valued at $27B, including 1,418 LEAP engines and 736 CFM56 motors.
    • CFM says its backlog of LEAP engines, which power the Boeing (NYSE:BA) 737 MAX and Airbus (OTCPK:EADSF, OTCPK:EADSY) A320neo jetliners, now stands at more than 10K units valued at $140B.
    • The results come after problems developed with the Geared Turbofan engine, which competes with the LEAP and is made by rival Pratt & Whitney (NYSE:UTX), which says the problem - which requires a three-minute cooling procedure before the engine can be restarted - should be fixed this month.
    | Fri, Feb. 5, 3:58 PM | 8 Comments
Company Description
United Technologies Corp. provides products and services to the building systems and aerospace industries worldwide. The company operates through five business segments: Otis, UTC Climate, Controls & Security, Pratt & Whitney, UTC Aerospace Systems, and Sikorsky. The Otis segment designs,... More
Country: United States