|April 25, 2014|
|07:14 EDT||UTX||United 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
|April 17, 2015|
|06:41 EDT||UTX||United Technologies April weekly volatility elevated into Q1 and outlook |
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|April 16, 2015|
|09:10 EDT||UTX||United Technologies' Rig Approach certified by Transport Canada Civil Aviation|
United Technologies subsidiary Sikorsky Aircraft Corp.'s Rig Approach for the S-92 helicopter has received certification by Transport Canada Civil Aviation. Rig Approach provides helicopter operators with an automated approach to offshore rigs and platforms.
|April 15, 2015|
|07:54 EDT||UTX||UBS to hold a field trip|
Field Trip where meetings with private and public aerospace aftermarket companies and aviation investors will be held during the MRO Americas 2015 Conference being held in Miami Beach on April 15.
|April 10, 2015|
|17:12 EDT||UTX||Sikorsky Aircraft awarded $480M government contract|
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|06:22 EDT||UTX||DoD enacts stricter rules on research spending by contractors, WSJ says|
The Department of Defense is enacting stricter rules on how defense companies can spent $4B of the department's research budget, following a report that explained that much of the budget was used to increase contractors' bids or to develop their own proprietary technology, reports the Wall Street Journal. Publicly traded companies in the space include BAE Systems (BAESY), Boeing (BA), General Dynamics (GD), Lockheed Martin (LMT), Northrop Grumman (NOC), Raytheon (RTN) and United Technologies (UTX).
|April 8, 2015|
|17:25 EDT||UTX||Court reverses $664M judgment against United Technologies|
In a regulatory filing, United Technologies (UTX) reports that on April 6, the Sixth Circuit Court of Appeals rendered a decision in the litigation concering the F100 engine. The litigation arose from allegations by the U.S. Department of Justice that Pratt & Whitney -- a United subsidiary -- violated the civil False Claims Act relating to the competition between Pratt & Whitney's F100 engine and General Electric's (GE) F110 engine, resulting in alleged overpayments by the government for F100 engines under contracts awarded by the U.S. Air Force in fiscal years 1985-1990. On June 17, 2013, a trial court in Ohio rendered a decision awarding the government $473M in damages and penalties, plus prejudgment interest for a total judgment of approximately $664M. In its latest decision, the Sixth Circuit reversed the trial courtís judgment, noting that the government did not prove any damages, and remanded the case to the trial court to decide whether the government should have another opportunity to prove that it suffered any actual damages.
|April 6, 2015|
|08:01 EDT||UTX||UTC Aerospace Systems awarded contract for Naval Undersea Warfare Center|
UTC Aerospace Systems has reached an agreement with the U.S. Naval Undersea Warfare Center to provide high frequency acoustic windows for submarines. The five-year indefinite delivery, indefinite quantity contract covers deliveries through 2020 to the U.S. Navy. Work will be performed by the Engineered Polymer Products team in Jacksonville, Florida, which is part of UTC Aerospace Systems' Aerostructures business. UTC Aerospace Systems is a unit of United Technologies.