Oct. 22, 2013, 7:01 AM| Comment!
Oct. 22, 2013, 12:05 AM
Oct. 21, 2013, 5:30 PM
Oct. 9, 2013, 2:29 PM| 2 Comments
Oct. 8, 2013, 3:23 PM
- Five percent of all billings to United Technologies' (UTX -0.7%) Pratt & Whitney unit will be held back until the company fixes flaws in a system used to track cost and schedule performance, according to a Defense Department spokesman. The 5% is the maximum that can be held back over such issues.
- "We have submitted corrective action plans," says Pratt & Whitney, "and are working closely" with the Pentagon's Contract Management Agency.
- Through August, the Pentagon has withheld $195M in payments to the F-35's prime contractor, Lockheed Martin (LMT -0.5%), over flaws in its contract management systems, but Lockheed was recently informed the amount held back has been reduced to 2% of billings from 5%.
Oct. 6, 2013, 1:35 AM
- United Technologies (UTX) unit Sikorsky Aircraft has canceled plans to furlough almost 2,000 staff after Defense Secretary Chuck Hagel said that he is ordering most of the Pentagon's 400,000 civilian employees to return to work.
- United Tech had also said it would have to keep staff at its Pratt & Whitney and Aerospace Systems businesses at home if the government shutdown were to drag on this next week.
- Lockheed Martin (LMT), which intends to furlough 3,000 staffers on Monday, hasn't yet decided whether to reduce or drop those plans.
- Other companies affected by the return of Pentagon workers include BA, GD, NOC, AVAV, KTOS, HON, TXT, EADSF.PK and BAESF.PK.
Oct. 2, 2013, 5:33 PM
- United Technologies (UTX) says the government shutdown means DCMA inspectors will not be available for audits and approvals of military products and as such, "certain defense manufacturing work must be halted, which will result in employee furloughs."
- Specifically, UTX will place ~2K Sikorsky workers on furlough starting Monday and will be forced to furlough employees in its Pratt & Whitney and Aerospace Systems businesses if the shutdown drags on through next week.
- Should the shutdown somehow be allowed to continue into November, the number of affected employees could exceed 5K, the company warns. (PR)
Oct. 1, 2013, 9:05 AM| Comment!
Sep. 20, 2013, 1:19 PM| Comment!
Sep. 19, 2013, 3:38 PM
- Pratt & Whiney (UTX +0.8%) and Rolls-Royce (RYCEY.PK +0.3%) unveiled plans for the joint venture two years ago, but cite the regulatory environment as reason for abandoning it.
- "Pratt & Whitney remains fully committed to this important market segment and will continue independently to invest in and develop applications of its geared turbofan engine to power the next generation of mid-sized aircraft."
- The move comes at a particularly competitive time for the industry and could be seen as a win for GE which is looking to gain market share.
Sep. 18, 2013, 4:56 AM
- Lockheed Martin (LMT), BAE Systems (BAESF.PK), Northrop Grumman (NOC) and engine builder Pratt & Whitney (UTX) have agreed to huge cuts in the average cost of the F35 Joint Strike Fighter jet by 2019.
- The head of the program, Lt. Gen. Chris Bogdan, is confident that despite concerns about the plane's software and defective parts, it is on track to enter service in 2015.
- As expected, Holland said yesterday that it will buy 37 F35s and it provided a small indication that Belgium could evaluate the planes as well.
Sep. 16, 2013, 1:28 PM
- United Technologies' (UTX +1.2%) Pratt & Whitney unit is engaged in a "war on costs" and as part of the battle, the company plans to cut the cost of the F135 engines that power Lockheed Martin's (LMT +1%) F-35 by "at least 2.5%," Reuters says.
- The F-35 has been besieged by cost concerns for quite some time. (More here)
Sep. 9, 2013, 3:48 PM
- Textron (TXT +2.8%) is set to team with Lockheed Martin (LMT +0.3%) on the Bell V-280 Valor helicopter program.
- The V-280 Valor tiltrotor will utilize LMT's equipment and weapons.
- The two companies are set to bid for contracts from the Army's Joint Multi-Role Technology Demonstrator program, with awards expected this month. (PR)
- TXT/ LMT face competition from a team comprised of United Technologies' (UTX +1.2%) Sikorsky Aircraft and Boeing (BA +1.1%).
Sep. 5, 2013, 3:34 PMUnited Technologies subsidiary Sikorsky strikes accord with Changhe Aircraft to produce its S76D cabin in China| Comment!
Sep. 4, 2013, 12:10 PM
- United Technologies (UTX +0.6%) subsidiary UTC Aerospace Systems lands a major contract win with French company HeliDax SAS to provide aftermarket service for its fleet of helicopters – the largest EC120 worldwide fleet in operation today.
- The company's Actuation Systems unit will provide flight controls and hydraulic operational support based on flying hours including consignment stock at the HeliDax SAS facility to aid daily operations.
- The French Ministry of Defense awarded a 22-year contract in January 2008 to HeliDax SAS for training military pilots.
- HeliDax has to provide a maximum of 22,000 flying hours per year on their fleet of 36 EC120 helicopters.
- Training was previously performed by the French army with Gazelles.
Sep. 3, 2013, 7:31 PM
- United Technologies (UTX) names Paul R. Adams, currently chief operating officer of Pratt & Whitney, as president of Pratt & Whitney on January 1, 2014.
- He replaces David P. Hess, who is retiring after 38 years with the company.
- Adams will report to UTC Propulsion & Aerospace Systems President & Chief Executive Officer Alain M. Bellemare.
UTX vs. ETF Alternatives
United Technologies Corporation provides high technology products and services to the building systems and aerospace industries. Its business segments are Otis, UTC Climate, Controls & Security, Pratt & Whitney, UTC Aerospace Systems and Sikorsky.
Other News & PR