United Technologies

By: EconomyWatch   Date: 17 July 2010

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In 2008, United Technologies got a rank of #109 from Forbes in its list of global pubic companies. Decent performances in areas like sales, profits, and market value helped this firm in attaining a high rank in Forbes Global 2000.
United Technologies is headquartered at Hartford, Connecticut. It is a well known multinational conglomerate. It is also a major research and development organization as well as a famous manufacturer. It operates in areas such as aircraft engines, elevators and escalators, helicopters, fire and security, heating and cooling, building systems, fuel cells and industrial products.

Brief history
United Technologies was established in 1929. Its initial name was United Aircraft and Transport Corporation. It was formed as a result of merger between companies like Boeing Airplane Company, Hamilton Standard, Boeing Air Transport, Pratt and Whitney, Chance Vought and Sikorsky Aircraft.

Products and services
There are several organizations through which United Technologies offers its various products and services like Carrier, Sikorsky Aircraft Corporation, Hamilton Sundstrand, UTC Fire & Security, Otis, UTC Power, Pratt & Whitney and United Technologies Research Center. Carrier is a manufacturer of heating, air conditioning, ventilation and refrigeration systems.

Hamilton Sundstrand is a maker and designer of aerospace systems. These products are made for commercial, corporate, regional and military entities. It is a prominent provider of international space programs as well. It also provides industrial products for hydrocarbon, food processing, and chemical industries.

Financials
In 2007, total sales conducted by United Technologies were worth about $58.425 billion. This firm made profits of about $4.604 billion. United Technologies owns assets worth nearly $56.81 billion. About 225,6000 employees work with United Technologies. In 2007, market value of United Technologies stood at about $69.11 billion.

Awards and recognition
On June 14, 2007 United Technologies won a special award at National Trust/HGTV Restore America Gala.

Current financial crisis
In view of ongoing global economic crisis it may be said that United Technologies has stayed relatively unscathed. But in recent times, growth rate of this firm has dropped to a significant extent.



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