as nyse utx dow jones industrial average component s & p 500 component industry conglomerate predecessor united aircraft corporation founded 1934 ; 82 years ago 1934 founders frederick rentschler headquarters farmington connecticut united states 1 area served worldwide key people gregory j. hayes president and ceo 2 revenue us 56.098 billion 2015 3 operating income us 7.291 billion 2015 3 net income us 7.608 billion 2015 3 total assets us 87.484 billion 2015 3 total equity us 27.358 billion 2015 3 number of employees 196 200 2016 4 website utc.com united technologies corporation utc is an american multinational conglomerate headquartered in farmington connecticut . 1 it researches develops and manufactures high technology products in numerous areas including aircraft engines hvac elevators and escalators fire and security building systems and industrial products among others . utc is also a large military contractor producing missile and aircraft systems . 5 gregory hayes is the current ceo . 6 contents 1 history 1.1 pre 1970s 1.2 1970s and 1980s 1.3 1990s 1.4 2000s 1.5 2010s 2 business units 2.1 former businesses 3 political contributions 4 philanthropy 5 environmental record 6 see also 7 references 8 bibliography 9 external links history edit pre 1970s edit main article united aircraft 1970s and 1980s edit in 1974 harry gray left litton industries to become the ceo of united aircraft . 7 he pursued a strategy of growth and diversification changing the parent corporation s name to united technologies corporation utc in 1975 to reflect the intent to diversify into numerous high tech fields beyond aerospace . 8 the change became official on may 1 1975 . the diversification was partially to balance civilian business against any overreliance on military business . 7 utc became a mergers and acquisitions m & a focused organization with various forced takeovers of unwilling smaller corporations . 7 the next year 1976 utc forcibly acquired otis elevator . 9 in 1979 carrier refrigeration and mostek were acquired ; 10 the carrier deal was forcible while the mostek deal was a white knight move against hostile takeover designs by gould . at one point the military portion of utc s business whose sensitivity to excess profits and boom bust demand drove utc to diversify away from it actually carried the weight of losses incurred by the commercial m & a side of the business . 7 although m & a activity was not new to united aircraft the m & a activity of the 1970s and 1980s was higher stakes and arguably unfocused . rather than aviation being the central theme of utc businesses high tech of any type was the new theme . some wall street watchers questioned the true value of m & a at almost any price seemingly for its own sake . 7 mostek was sold in 1985 to the french electronics company thomson . 1990s edit utc acquired sundstrand corporation in 1999 and merged it into utc s hamilton standard unit to form hamilton sundstrand . 2000s edit in 2003 utc entered the fire and security business by purchasing chubb security . in 2004 utc acquired the schweizer aircraft corporation which planned to operate as a wholly owned subsidiary 11 under their sikorsky aircraft division . in 2005 utc further pursued its stake in the fire and security business by purchasing kidde . also in 2005 utc acquired boeing s rocketdyne division which was merged into the pratt & whitney business unit . in 2007 utc opened the hawk works 12 a rapid prototyping and military derivatives completion center rpmdcc located west of the elmira corning regional airport in big flats ny . in march 2008 utc made a 2.63 billion bid to acquire diebold a canton ohio based manufacturer of banking and voting machines . 13 diebold rejected the buyout bid as inadequate . 14 in november 2008 utc s carrier corporation acquired noresco 15 16 which is one of the nation s largest energy service companies . in december 2009 it was announced that utc would acquire a 49.5 % stake in clipper windpower for 206 million . 17 18 19 20 2010s edit in april 2010 utc announced that it was investing 15 million 20 million to set up the united technologies research centre ireland in university college cork which will carry out research on energy and security systems . 21 in october 2010 utc agreed with clipper to acquire the rest of the company . 22 in september 2011 utc acquired a 18.4 billion deal including 1.9 billion in net debt assumed for aircraft components maker goodrich corporation . 23 in june 2012 it was discovered that utc sold military technology to the chinese . 24 for pleading guilty to violating the arms export control act and making false statements united technologies and its subsidiaries were fined 75 million . 25 in july 2012 united technologies acquired goodrich and merged it with hamilton sundstrand ; the resulting organization is utc aerospace systems . in february 2013 utc power was sold to clearedge power . 26 in october 2014 toshiba and united technologies agreed a deal to expand their joint venture outside japan . 27 in january 2015 utc building & industrial systems completed the acquisition of ciat group a leading hvac manufacturing company in france . 28 in november 2015 lockheed martin completed its 9.0 billion acquisition of sikorsky aircraft . 29 in february 2016 utc subsidiary carrier air conditioner announced to employees at its indianapolis plant that carrier is moving manufacturing to mexico the best way to stay competitive and protect the business for long term is to move production from our facility in indianapolis to monterrey mexico . 30 business units edit utc aerospace systems designs and manufactures aerospace systems for commercial regional corporate and military aircraft ; a major supplier for international space programs . provides industrial products for the hydrocarbon chemical and food processing industries construction and mining companies . utc aerospace systems was formed by combining hamilton sundstrand and goodrich in 2012 . otis elevator company manufacturer installer and servicer of elevators escalators and moving walkways . pratt & whitney designs and builds aircraft engines and gas turbines . pratt & whitney canada utc climate controls & security 31 makes fire detection and suppression systems access control systems and security alarm systems ; provides security system integration and monitoring services . carrier a global manufacturer of heating ventilation air conditioning and refrigeration systems . noresco 32 33 34 united technologies research center utrc a centralized research facility that supports all utc business units in developing new technologies and processes . 35 former businesses edit hamilton test systems an arizona based developer of vehicle emission test equipment which was sold to georgetown partners in december 1990 who renamed it envirotest systems corp. it is now part of environmental systems products holdings esph . inmont paint and resins which was later sold to basf mostek semiconductor from 1979 to 1985 norden systems a corporation that manufactures electronics systems for military use now a part of northrop grumman . pratt & whitney rocketdyne sold in june 2013 and now part of gencorp sikorsky aircraft maker of helicopters for commercial industrial institutional government and military use now a part of lockheed martin 36 pzl mielec 37 ut automotive now a division of lear corporation ut communications bought lexar and stromberg carlson makers of telephone equipment which were later sold to memorex in 1985 . turbo power and marine systems inc a manufacturer of simple cycle electrical power generation units of 25 mw and 50 mw . renamed pratt & whitney power systems in 2000 38 sold to mitsubishi heavy industry in may 2013 39 and is now a mhi group company named pw power systems inc. hamilton standard which became part of hamilton sundstrand now part of utc aerospace systems . clipper windpower a maker of wind turbines . in december 2010 clipper windpower was acquired by united technologies corporation . it was sold in 2012 to platinum equity llc . utc power a manufacturer of distributed power generation systems and fuel cells for commercial transportation and space and defense applications . it was sold to clearedge power in february 2013 . political contributions edit during the 2004 election cycle utc was the sixth largest defense industry donor to political campaigns contributing a total of 789 561 . 64 % of utc s 2004 contributions went to republicans . utc was also the sixth largest donor to federal candidates and political parties in the 2006 election cycle . 35 % of those contributions went to democrats ; 53 % of the funds were contributed to republicans . 40 in 2005 united technologies was among 53 entities that contributed the maximum of 250 000 to the second inauguration of president george w. bush . 41 42 philanthropy edit in 1981 a contribution from utc made possible the exhibition paris magnum photographs 1935 1981 featuring photographs of paris taken by photographers of magnum photos the agency founded in 1947 by robert capa george rodger henri cartier bresson william vandivert and david seymour . a volume of the same title with text by irwin shaw and an introduction by inge morath was also published in 1981 . utc is the sponsor of aphrodite and the gods of love at boston s museum of fine arts that opened in fall 2011 . 43 utc and its subsidiaries are major contributors to museums such as the new england air museum . 44 environmental record edit researchers at the university of massachusetts amherst have identified utc as the 38th largest corporate producer of air pollution in the united states as of 2008 . utc released roughly 110 000 pounds of toxic chemicals annually into the atmosphere 45 including manganese nickel chromium and related compounds . 46 in 2006 they joined the chicago climate exchange as a phase 1 and phase 2 member . 47 see also edit companies portal connecticut portal top 100 us federal contractors honor award from the national building museum references edit a b locations . utc.com . retrieved february 1 2016 . louis chenevert stepping down as ceo of united technologies being replaced by gregory j. hays . market business news . 24 november 2014 . retrieved 2014 11 24 . a b c d e united technologies form 10 k annual report filing date feb 19 2016 . secdatabase.com . retrieved mar 20 2013 . utc facts . utc . retrieved 19 february 2016 . corpwatch united technologies . retrieved july 3 2015 . utc names gregory j. hayes as president and chief executive officer . cnn . 24 november 2014 . retrieved 2014 11 24 . a b c d e fernandez 1983 . fernandez 1983 p. 246 . fernandez 1983 pp. 246 251 . fernandez 1983 pp. 260 264 . schweizer acquisition press release archived april 10 2008 at the wayback machine . john pike . sikorsky opens hawk works completion center for military helicopters . retrieved july 3 2015 . utc s bid for diebold permanent dead link diebold rejects 2.63 billion buyout bid business us business msnbc.com . msnbc . 2008 03 03 . retrieved 2012 02 16 . archived copy . archived from the original on december 30 2013 . retrieved april 25 2013 . 1 clipper windpower gets gbp126 .5 million investment from united tech permanent dead link clipper says utc to buy 49.5 percent stake . reuters . retrieved july 3 2015 . terry macalister . united technologies corporation flies to the rescue of clipper windpower . the guardian . retrieved july 3 2015 . utc aims to take 49.5 % of clipper windpower archived march 5 2012 at the wayback machine . 2 dead link utc to acquire remaining interest in clipper windpower north american windpower october 18 2010 . retrieved october 23 2010 . united technologies to acquire goodrich in usd 18.4 bn deal . september 23 2011 . united technologies sent military copter