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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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November 25, 2015
17:43 EDTUTXPratt & Whitney awarded $214.6M government contract modification
United Technologies, Pratt & Whitney, Military Engines, is being awarded a $214.6M modification to a previously awarded fixed-price-incentive-firm, cost-plus-incentive-fee contract for Low Rate Initial Production, or LRIP, Lot 10 annualized sustainment in support of the F-35 Joint Strike Fighter aircraft for the U.S Navy, U.S Air Force, U.S. Marine Corps, Non -U.S. Department of Defense (DoD) participants and foreign military sales customers. This effort includes support services for LRIP 10 propulsion systems as well as hardware and training course material and equipment. Work is expected to be completed in April 2019. FY16 aircraft procurement funds; FY16 operations and maintenance funds; non-U.S. DoD participants and foreign military sales funds in the amount of $214.6M are being obligated on this award, none of which will expire at the end of the current fiscal year. This contract combines purchases for the U.S. Air Force; U.S. Marine Corps; the U.S. Navy; international partners; and foreign military sales customers under the Foreign Military Sales program. The Naval Air Systems Command, Patuxent River, Maryland, is the contracting activity.
November 23, 2015
12:26 EDTUTXCredit Suisse removes General Electric from focus list after recent run-up
Shares of global industrial giant General Electric (GE) are lower in afternoon trading after Credit Suisse's Investment Policy Committee removed the company's shares from the U.S. Focus List. WHAT'S NEW: In a note to investors this morning, Credit Suisse analyst Julian Mitchel and team noted that the firm's Investment Policy Committee removed GE shares from the U.S. focus list after the recent upward move in shares. The firm, which added GE shares to its Focus List on September 16, said the catalysts that it highlighted at that time are now largely reflected in the share price. WHAT'S NOTABLE: Although it removed GE from its U.S. and Global Focus lists, Credit Suisse maintained its Overweight rating on shares and increased its price target to $34 from $31. The firm sees GE as just starting to accelerate measures to drive up its gross margins, whereas its sector peers have already been splitting, spinning off or selling assets to enhance their profit margins higher for years. With GE selling most of its capital intensive and low-to-no growth Capital business while redirecting capital to higher growth and higher margin industrial business, Credit Suisse said shares deserve a higher premium than its peers Honeywell (HON) and United Technologies (UTX). PRICE ACTION: Shares of General Electric are down 0.65% to $30.46 in midday trading.
November 16, 2015
06:32 EDTUTXUnited Technologies reinstated with a Neutral at Credit Suisse
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