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United Technologies Corporation (UTX)

- NYSE
  • Thu, Aug. 20, 12:21 PM
    • The WSJ reports United Technologies (UTX -1.6%) is in talks to buy HVAC/air quality/security system maker Nortek (NASDAQ:NTK).
    • Nortek spiked higher on the report before getting halted.
    • Update (12:23PM ET): Nortek has resumed trading, and is now up 17.6%.
    • Update 2 (12:35PM ET): The full story is up. No potential deal price is given.
    | Thu, Aug. 20, 12:21 PM | 3 Comments
  • Mon, Jul. 20, 12:49 PM
    • Lockheed Martin (LMT +1.9%) hit a "trifecta" today following the announcement of its $9B purchase of Sikorsky Aircraft from United Technologies (UTX -0.7%), according to the analyst team at UBS.
    • The deal cements LMT's dominance in weapons making and opens key foreign markets for the company, which has annual revenues of $45B; analysts do not expect antitrust objections since LMT does not build helicopters.
    • LMT also announced a strategic review of a large portion of its government IT and services portfolio for a potential sale or spinoff.
    • Also, LMT's Q2 results came in well ahead of consensus, with 3% revenue growth well ahead of the UBS forecast for a 6% decline and 12% margins coming in 30 bps better than expected.
    • UTX shares also are worth buying, according to Sterne Agee CRT analyst Peter Arment, who says the Sikorsky sale is a "positive first step" in the transformation of its business portfolio and allows the company to return a large amount of cash to shareholders without reducing balance sheet flexibility; while Sikorsky generated ~10% of UTX sales, it only accounted for 6.5% of its profits.
    | Mon, Jul. 20, 12:49 PM | 4 Comments
  • Mon, Jul. 20, 1:42 AM
    • Lockheed Martin (NYSE:LMT) has agreed to buy United Technologies' (NYSE:UTX) Sikorsky Aircraft for over $8B, Reuters reports, cementing a deal that would give the Black Hawk helicopter to the maker of the F-35 fighter jet.
    • The acquisition of Sikorsky, which had more than 15K employees and net sales of $7.5B at the end of last year, would be the biggest by Lockheed since its $10B takeover of Martin Marietta two decades ago.
    • Pentagon officials said last week they would carefully evaluate any sale to maintain competition and avoid market distortions.
    | Mon, Jul. 20, 1:42 AM | 6 Comments
  • Wed, Jul. 8, 6:43 PM
    • Lockheed Martin (NYSE:LMT) and Textron (NYSE:TXT) have emerged as final contenders to buy United Technologies' (NYSE:UTX) Sikorsky Aircraft unit, which could be valued at ~$8B, Reuters reports.
    • UTX reportedly is weighing offers from the two companies and may come to a decision by the end of the month, but it still could decide against an outright sale and instead spin off Sikorsky to shareholders in a tax-free deal.
    • TXT, whose ~$12B market cap is only one fifth the size of LMT's $60B, is said to have reached out to P-E firms to put together a cash bid.
    • Boeing (NYSE:BA), which had expressed interest in a potential deal, is no longer active in the sale process, and Airbus (OTCPK:EADSF, OTCPK:EADSY) is not in the running, according to the report.
    • UTX +1.5% AH.
    | Wed, Jul. 8, 6:43 PM | 7 Comments
  • Wed, Jun. 10, 2:38 AM
    • After receiving several offers, United Technologies' (NYSE:UTX) board of directors is scheduled to meet later this week to review the options for its $8B Sikorsky aircraft business.
    • UTC is considering two tax-efficient transactions for Sikorsky: a spin-off or combination with peer Textron (NYSE:TXT).
    • Alternatively, Sikorsky may be sold outright to another company. Lockheed Martin (NYSE:LMT), Boeing (NYSE:BA) and Airbus (OTCPK:EADSY) have all expressed interest.
    | Wed, Jun. 10, 2:38 AM | 8 Comments
  • Tue, May 19, 6:51 PM
    | Tue, May 19, 6:51 PM | 3 Comments
  • Fri, Mar. 13, 3:52 AM
    | Fri, Mar. 13, 3:52 AM | 2 Comments
  • Jul. 18, 2013, 10:09 AM
    Talks about diversification: Washington Post (WPO) agrees to acquire Forney, a provider of products and systems for power and industrial boilers, from United Technologies (UTX) for an undisclosed amount. The deal adds to Washington Post's purchase last year of Celtic Healthcare and is part of the company's "ongoing strategy to invest in companies with "demonstrated earnings potential and strong management teams." Which sounds right out of the playbook of long-time Washington Post shareholder Warren Buffett. (PR)
    | Jul. 18, 2013, 10:09 AM | Comment!
  • Jan. 18, 2013, 4:08 PM
    United Technologies (UTX +0.5%) finishes the day in the green after announcing earlier that it's reached an agreement to sell its former Goodrich pump and engine control systems business to Triumph Group (TGI +3.8%). The deal is expected to close in Q113. The sale of the unit was one of the divestitures required by regulatory authorities as a condition of UTX's acquisition of Goodrich Corporation.
    | Jan. 18, 2013, 4:08 PM | Comment!
  • Dec. 6, 2012, 5:20 PM
    United Technologies (UTX) terminates its agreement to sell its pump and engine control systems business to TransDigm (TDG), citing DoJ objections to the transaction. Sale of the pump and engine control systems unit is one of the divestitures required as a condition of UTX's acquisition of Goodrich Corporation. UTX intends to comply with its obligation to sell the business to a buyer acceptable to the DoJ and European Commission. Any proposed transaction continues to be subject to regulatory approvals in the U.S. and other jurisdictions.
    | Dec. 6, 2012, 5:20 PM | Comment!
  • Oct. 25, 2012, 3:55 PM
    Transdigm Group (TDG +2.5%) agrees to acquire Goodrich's pump and engine control systems business from United Technologies (UTX -0.7%) for ~$236M. The business expects ~$195M in 2012 revenues with EBITDA in the low teens as a percent of revenue.
    | Oct. 25, 2012, 3:55 PM | Comment!
  • Oct. 16, 2012, 7:15 AM
    Continuing to try and erase much of the debt it took on for the Goodrich acquisition, United Technologies (UTX) unloads Goodrich's electric power systems business to Safran (SAFRY.PK) for $400M. The deal is subject to regulatory approval in the U.S., EU, and China. (PR)
    | Oct. 16, 2012, 7:15 AM | Comment!
  • Oct. 5, 2012, 5:24 PM
    GenCorp (GY) and United Technologies (UTX) have received requests for additional information from the FTC in connection with GY's proposed acquisition of the Rocketdyne division of UTX. The requests extend the waiting period during which the parties may not close the acquisition until 30 days after both companies have complied with the requests. GY now expects to close the acquisition in H113.
    | Oct. 5, 2012, 5:24 PM | Comment!
  • Jul. 26, 2012, 1:53 PM
    United Tech (UTX +0.25%) closes its $16.5B acquisition of Goodrich after earlier saying it had received conditional U.S. and EU regulatory approval. The deal will add around $8B to United Tech's annual revenues and strengthen its presence on Boeing and Airbus jets.
    | Jul. 26, 2012, 1:53 PM | 3 Comments
  • Jul. 26, 2012, 10:28 AM
    EU and U.S. authorities conditionally approve United Tech's (UTX +1.7%) $16.5B acquisition of Goodrich, with United Tech required to sell some power generation and aircraft engine controls operations. The company must also give Rolls Royce an option to buy its lean-burn fuel-nozzle R&D project. (PR)
    | Jul. 26, 2012, 10:28 AM | Comment!
  • Jul. 26, 2012, 9:00 AM
    More on United Tech (UTX +0.5%) Q2: net profit +1% to $1.33B. China's slowing economy and Europe's debt crisis reduce demand for UTX's elevators and jet engine parts. Cuts FY EPS guidance to $5.25-$5.35 from $5.30-$5.50 prior, and sales forecast to $58B-$59B from $61B-$62B. Consensus is for $5.45 and $61.29B. Expects to receive final Goodrich approval today. (See also)
    | Jul. 26, 2012, 9:00 AM | Comment!
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Company Description
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.
Country: United States