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News Breaks
April 25, 2014
07:14 EDTUTXUnited Technologies discloses SEC investigation into engine sales
United Technologies disclosed in a regulatory filing that In December 2013 and January 2014, UTC made voluntary disclosures to the U.S. Department of Justice, the Securities and Exchange Commission Division of Enforcement and the U.K.ís Serious Fraud Office to report the status of its internal investigation regarding a non-employee sales representative retained by United Technologies International Operations, Inc. and International Aero Engines for the sale of Pratt & Whitney and IAE engines and aftermarket services, respectively, in China. On April 7, the SEC notified UTC that it is conducting a formal investigation and issued a subpoena to UTC seeking production of documents related to the disclosures. UTC is cooperating fully with the investigation. Because the investigation is at an early stage, we cannot predict its outcome or the consequences thereof at this time. UTC also said that at the outset of the internal investigation, UTIO and IAE suspended all commission payments to the sales representative, and UTIO and IAE have not resumed making any payments. This led to two claims by the sales representative for unpaid commissions: a civil lawsuit filed against UTIO and UTC and an arbitration claim against IAE. "We are contesting the lawsuit and the arbitration claim. We do not believe that the resolution of the lawsuit or the arbitration will have a material adverse effect on our competitive position, results of operations, cash flows or financial condition," the company said.
News For UTX From The Last 14 Days
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March 2, 2015
17:21 EDTUTXSikorsky Aircraft awarded $241.7M government contract
Sikorsky Aircraft, a United Technologies company, was awarded a $241.7M modification to contract W58RGZ-12-C-0008 to exercise option for a quantity of 22 UH-60M aircraft to support contingency operations. FY15 other procurement funds in the amount of $241.7M were obligated at the time of the award. Estimated completion date is Dec. 31, 2016. Work will be performed in Stratford, Connecticut.
February 27, 2015
18:10 EDTUTXLockheed Martin, United Technologies JV awarded $2B government contract
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February 25, 2015
17:23 EDTUTXUnited Technologies awarded $407M government contract
United Technologies Corp., East Hartford, Connecticut, has been awarded a $407M indefinite-delivery/indefinite-quantity contract for engine component improvement program. Contractor will provide design improvement, life management/analysis, repair development and test of engines produced by Pratt & Whitney. Work will be performed at East Hartford, Connecticut, and is expected to be complete by Dec. 31, 2021. This contract involves foreign military sales. This award is the result of a sole-source acquisition. Fiscal year 2015 research, development, test and evaluation funds in the amount of $5M are being obligated at the time of award for task order 0001. Air Force Life Cycle Management Center, Wright-Patterson Air Force Base, Ohio, is the contracting activity.
07:09 EDTUTXUnited Technologies price target to $138 ahead of Analyst Day at Credit Suisse
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February 23, 2015
06:51 EDTUTXAerospace sector downgraded to Neutral from Attractive at Goldman
Goldman downgraded the Aerospace sector to Neutral based on group outperformance and increased downside risks. The firm believes Boeing (BA) and Airbus are now oversupplying the market after a decade of undersupply and replacement demand required to sustain production may prove difficult to achieve. Goldman said accelerated new aircraft replacements was partially due to fuel economics and lower fuel prices and global growth volatility could substantially change Aerospace dynamics. As part of the sector view change, Goldman downgraded Boeing to Sell from Neutral and Precision Castparts (PCP) to Natural from Buy.
February 20, 2015
06:27 EDTUTXUnited Tech's Sikorsky may look to make military helicopters in India, WSJ says
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