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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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October 9, 2015
17:21 EDTUTXSikorsky Aircraft awarded $191.5M government contract
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October 8, 2015
10:00 EDTUTXOn The Fly: Analyst Initiation Summary
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09:01 EDTUTXJPMorgan hosts an Electrical Equipment/Analyst Industry conference call
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07:15 EDTUTXUnited Technologies initiated with a Neutral at JPMorgan
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October 2, 2015
12:23 EDTUTXSupply chain issues impact Pratt & Whitney production this summer, WSJ says
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October 1, 2015
18:19 EDTUTXSikorsky Aircraft awarded $189.43M government contract
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September 30, 2015
19:57 EDTUTXDoD concerned about 'excessive consolidation' after Lockheed-Sikorsky deal
Frank Kendall, the Under Secretary of Defense for Acquisition, Technology and Logistics, said in a statement earlier Wednesday that alluded to Lockheed Martin's (LMT) acquisition of United Technology's (UTX) Sikorsky unit, "With size comes power, and the department's experience with large defense contractors is that they are not hesitant to use this power for corporate advantage." Kendall added that the DoD would work with Congress to "explore additional legal tools and policy to preserve the diversity and spirit of innovation that have been central to the health and strength of our unique, strategic defense industrial base, particularly at the prime contractor level." Reacting to Kendall's statement, Lockheed spokesman Dan Nelson said, "There is no evidence to support the view that larger defense companies reduce competition or inhibit innovation... We believe that defense contractors should continue to be assessed based on the performance and effectiveness of the products and solutions offered, not on the size of their company."

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