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UNITED
TECHNOLOGIES
CORPORATION
ANNUAL REPORT
BIG GOALS.
BIG RESULTS.
2010 FINANCIAL AND
CORPORATE RESPONSIBILITY
PERFORMANCE

Table of contents

  • Page 1
    UNITED TECHNOLOGIES CORPORATION ANNUAL REPORT BIG GOALS. BIG RESULTS. 20 10 F INANC IAL AND CORP OR AT E RES P ONS IBILIT Y PERFORMANC E

  • Page 2
    United technologies Corporation (UtC ) is a diversified company that provides a broad range of high-technology products and services to the global aerospace and building systems industries. Its businesses include Carrier heating, air-conditioning and refrigeration solutions; Hamilton Sundstrand ...

  • Page 3
    United Technologies Corporation WE SET BIG GOALS AND DELIVER BIG RESULTS. WE MAKE PRODUCTS THAT MAKE MODERN LIFE POSSIBLE - PRODUCTS THAT ARE BETTER, FASTER, MORE EFFICIENT. 2 0 1 0 A n n uA l R e p o Rt 1

  • Page 4
    ... & CHIEF EXECUTIVE OFFICER louis chênevert stands in front of a mockup of the sikorsky s-97 raider. sikorsky is building two prototype light tactical helicopters based on its revolutionary X2 t echnology demonstrator. the s-97 raider is expected to deliver significant improvements over other light...

  • Page 5
    ... paid dividends to shareowners. In addition, UTC repurchased $2.2 billion in stock, completed nearly $3 billion in acquisitions and contributed more than $1.5 billion to our global pension plans. Over the past decade, United Technologies has continued to outperform our peers and key market indices...

  • Page 6
    ... hand. In closing, I continue to see tremendous opportunities for United Technologies. Our portfolio of products and services uniquely positions UTC to support, and to benefit from, widespread urbanization and growth in today's emerging markets. Countries such as China and India are already seeing...

  • Page 7
    OUR PRODUCTS AND TECHNOLOGIES ARE POWERING THE FUTURE - AT HOME, AT WORK AND EVERYWHERE IN BETWEEN. 2 0 1 0 A n n uA l R e p o Rt 5

  • Page 8
    ... escalators and elevators to the project management phases of construction. Today visitors and residents are transported by state-of-the-art Otis systems, which include elevators that set world records for travel distance and landing deck height. 6 U n i t e d t e c h n o lo g i e s co r p o r at...

  • Page 9
    ... Otis' culture, which focuses on operating efficiencies and delivering the highest quality, innovative products, and the highest standard of service to our customers." Geraud Darnis PRESIDENT, CARRIER "Our business transformation strategy is delivering higher returns, superior growth and industry...

  • Page 10
    ... UTC Fire & Security as a leader in the large, global fire and security industry. The acquisition added a mix of strong brands, including Edwards and Interlogix, and created a balanced geographic presence in North America, Europe and Asia. Among new product offerings is the Interactive Services...

  • Page 11
    ... event, South Africa built five new stadiums and modernized and expanded five others. UTC Fire & Security provided a wide array of protection at each of the stadiums, including high-end fire detection and evacuation solutions as well as integrated video, access control and intrusion systems. Otis...

  • Page 12
    ... of the X2 Technology demonstrator, Sikorsky will design, build and ï¬,y two prototype light tactical helicopters. Called the S-97 Raider, the prototypes will be used for ï¬,ight test and evaluation by the U.S. Armed Forces. They are expected to demonstrate significant improvements over other...

  • Page 13
    ... PRESIDENT, SIKORSKY T team achieved ISR certification for the conventional takeoff/landing and carrier variants in February 2010. The first production F-35 will arrive at Eglin Air Force Base in Florida in 2011 to begin training operations with the U.S. military. The F135 also achieved a number...

  • Page 14
    ...diverse customer base of commercial, military and business aircraft operators. Localizing the Supply Chain in Fast-Growing Markets In 2010, Tata Advanced Systems Ltd. ( TASL ) started assembly operations for Sikorsky at its Hyderabad facility. The first Sikorsky S-92 helicopter cabin made in India...

  • Page 15
    Alain M. Bellemare PRESIDENT, HAMILTON SUNDSTRAND Pratt & Whitney to Power Sikorsky's New S-76D Helicopter Sikorsky's new S-76D helicopter will be equipped with Pratt & Whitney Canada's PW210S engine. The PW210S engine was chosen for its best-inclass power-to-weight ratio, low fuel consumption, ...

  • Page 16
    ... diversity in our supply chain, and we are committed to our local sourcing strategy. Our strategy supports growth in emerging markets such as India, where our current sales of approximately $600 million are targeted to grow to $2.5 billion by 2015. Shown here is United Technologies Chairman & CEO...

  • Page 17
    ... in developing internal systems to promote, shape and measure ethical behavior across all levels of the company, UTC received the 2010 Stanley C. Pace Leadership in Ethics Award from the Ethics Resource Center, a nongovernmental organization focused on fostering ethical business practices. "UTC has...

  • Page 18
    ... once again proud to have UTC as a founding partner." RICK FEDRIZZI, President, CEO & Founding Chairman, U.S. Green Building Council *Leadership in Energy & Environmental Design (LEED) is a green building certification system developed in 1998. 16 U n i t e d t e c h n o lo g i e s co r p o r at...

  • Page 19
    ... with business unit management and approved by UTC 's Board of Directors. During the goal development process, we solicited external feedback from nongovernmental organizations and benchmarked peer companies and other best-in-class programs. SU P P Lier P rod Uc TS We are extending our 2010...

  • Page 20
    ... c e Financials United technologies corboration provides high-technology products and services to the building systems and aerospace industries worldwide through our industry-leading businesses. In 2010, earnings per share increased 15 percent on strong margin expansion and sales growth conversion...

  • Page 21
    Corporate Responsibility Key Performance Indicators measure UTC 's sustainability goals and performance. UTC environmental reporting standards encourage the ongoing analysis and correction of data, as applicable, following the close of a reporting period. Previously reported annual environmental ...

  • Page 22
    ...N Fire detection, alarm and suppression systems; specialty detection products and combustion controls; fire safety services; security software and hardware systems; design, manufacturing, integration, installation and servicing of access control, intruder alarm, video surveillance, and fire systems...

  • Page 23
    ...ghting equipment for oil fields in Abu Dhabi. UTC Fire & Security is well positioned for growth in China and in 2010 secured a large number of contracts for major infrastructure upgrades and new projects. These included providing fire detection, alarm and video surveillance systems for Metro Line...

  • Page 24
    ... for commercial and military helicopters; land-based gas turbine and geothermal power solutions for the industrial and utility markets; maintenance, repair and overhaul services, including the sale of spare parts as well as fleet management services; liquid space propulsion systems for military and...

  • Page 25
    ... the auxiliary power unit and the secondary electrical power distribution center and electric ram air turbine. During the year, NASA awarded Hamilton Sundstrand a contract worth up to $729 million to supply and maintain its space suits. Hamilton Sundstrand's industrial business, which comprises...

  • Page 26
    ... and powerful and marketable idea. We seek and share ideas openly and encourage diversity of experience and opinion. Our employees' ideas and inspiration create opportunities constantly, and without limits. We improve continuously everything we do, as a company and as individuals. We support and...

  • Page 27
    ...Cautionary Note Concerning Factors That May Affect Future Results Management's Report on Internal Control Over Financial Reporting Report of Independent Registered Public Accounting Firm Consolidated Statement of Operations Consolidated Balance Sheet Consolidated Statement of Cash Flows Consolidated...

  • Page 28
    ... with 2009, includes the impact of acquisitions across the company, most notably the 2010 acquisition of the GE Security business within the UTC Fire & Security segment. The increase in the number of employees in 2010 associated with acquisition activity was partially offset by headcount reductions...

  • Page 29
    ... global provider of high technology products and services to the building systems and aerospace industries. Our operations are classified into six principal business segments: Otis, Carrier, UTC Fire & Security, Pratt & Whitney, Hamilton Sundstrand and Sikorsky. Otis, Carrier and UTC Fire & Security...

  • Page 30
    ... includes fire detection and life safety systems, intrusion alarms, and video surveillance and access control systems. This business enhanced UTC Fire & Security's geographic diversity with its strong North American presence and also increased UTC Fire & Security's product and technology offerings...

  • Page 31
    ... in the "Business Overview," the organic sales increase was largely led by Carrier, Sikorsky, and Pratt & Whitney. These organic increases were partially offset by organic sales contraction at both Otis and UTC Fire & Security. The organic sales growth at Carrier was driven by continuing strength in...

  • Page 32
    ... increases at Pratt & Whitney associated with the next generation product family, increases at both Hamilton Sundstrand and Sikorsky as they continue to ramp up new product development programs, and an increase at UTC Fire & Security related to the acquisition in 2010 of the GE Security business...

  • Page 33
    Sikorsky, partially offset by reduced expenditures at Pratt & Whitney on the Joint Strike Fighter development program as it nears completion. Selling, General and Administrative (Dollars in millions) 2010 2009 2008 Selling, general and administrative Percentage of net sales $ 6,024 11.1% $ 6,036 ...

  • Page 34
    ... impairment charges, the adverse impact from the health care legislation related to the Medicare Part D program and other increases to UTC's effective income tax rate. Although the average foreign exchange rate of the U.S. dollar was stronger in 2010, as compared to 2009, against certain currencies...

  • Page 35
    ... as follows: (Dollars in millions) 2010 2009 Otis $ 83 $ 158 Carrier UTC Fire & Security Pratt & Whitney Hamilton Sundstrand Sikorsky Eliminations and other General corporate expenses Total 75 78 138 37 14 18 - $ 443 210 112 190 88 7 62 3 $ 830 pension plans due to the significant headcount...

  • Page 36
    ...see Note 12 to the Consolidated Financial Statements. Operating Profits 2008 2010 2009 2008 Operating Profit Margin 2010 2009 2008 Otis Carrier UTC Fire & Security Pratt & Whitney Hamilton Sundstrand Sikorsky Total segment Eliminations and other General corporate expenses Consolidated $11,579 11...

  • Page 37
    ... sales was partially offset by continued growth in the contractual maintenance business. New equipment orders improved 7% versus the prior year, led by strong order growth in China. Selling prices remained under pressure in most markets. Otis's operating profits increased $128 million (5%) in 2010...

  • Page 38
    ... detection and life safety systems, intrusion alarms, video surveillance and access control systems, and also significantly enhanced UTC Fire & Security's North American presence. UTC Fire & Security products and services are used by governments, financial institutions, architects, building owners...

  • Page 39
    ... acquisition of additional shares of GST, a fire alarm system provider in China. Aerospace Businesses The financial performance of Pratt & Whitney, Hamilton Sundstrand and Sikorsky is directly tied to the economic conditions of the commercial aerospace and defense industries. In particular, Pratt...

  • Page 40
    ... markets. Pratt & Whitney Power Systems sells aero-derivative engines for industrial applications. P&WC is a world leader in the production of engines powering business, regional, light jet, utility and military aircraft and helicopters and provides related maintenance, repair and overhaul services...

  • Page 41
    ... services for diversified industries worldwide. Hamilton Sundstrand's aerospace products, such as power generation, management and distribution systems, flight control systems, engine control systems, environmental control systems, fire protection and detection systems, auxiliary power units...

  • Page 42
    ... helicopter operators. Sikorsky is increasingly engaging in logistics support programs and partnering with its government and commercial 1% - - - - 1% 8% (1)% - 6% (6)% 7% (7)% (1)% (1)% - - (9)% (11)% (1)% (1)% (7)% (2)% (22)% 2010 Compared with 2009 Hamilton Sundstrand's sales increased...

  • Page 43
    ...sales increased $397 million (6%) in 2010, as compared with 2009. The organic sales growth was primarily attributable to higher military aircraft sales (6%), partially offset by the impact of fewer aircraft deliveries from commercial operations (2%) due to continued commercial market weakness. Sales...

  • Page 44
    ... in 2010 was primarily driven by improved sales volumes that resulted in higher working capital requirements. Although working capital levels grew, the rate of growth was restrained due to a strong management focus on base working capital levels. The funded status of our pension plans is dependent...

  • Page 45
    ...market interest rates. We can contribute cash or company stock to our plans at our discretion, subject to applicable regulations. Total cash contributions to our global defined benefit pension plans during each of 2010 and 2009 were approximately $1.3 billion. We also contributed $250 million in UTC...

  • Page 46
    ... effect of the issuance of stock and options under the stock-based employee benefit programs. At December 31, 2010, we had remaining authority to repurchase approximately 33.9 million shares under the current program. We expect total share repurchases in 2011 to approximate $2.5 billion; however...

  • Page 47
    ... Future cash flows can be affected by changes in industry or market conditions or the rate and extent to which anticipated synergies or cost savings are realized with newly acquired entities. We completed our assessment of goodwill as of July 1, 2010 and determined that no impairment existed at that...

  • Page 48
    ... in the discount rate as of December 31, 2010. Increase in Discount Rate of 25 bps Decrease in Discount Rate of 25 bps Employees hired after 2009 are not eligible for any defined benefit pension plan and will instead receive an enhanced benefit under the UTC Savings Plan. The continued recognition...

  • Page 49
    ... long-term liabilities primarily include those amounts on our December 31, 2010 balance sheet representing obligations under product service and warranty policies, performance and operating cost guarantees, estimated environmental remediation costs and expected contributions under employee benefit...

  • Page 50
    ...our operations worldwide. We believe that expenditures necessary to comply with the present regulations governing environmental protection will not have a material effect upon our competitive position, results of operations, cash flows or financial condition. We have identified 596 locations, mostly...

  • Page 51
    ..., adding Rolls-Royce Group plc (Rolls-Royce Group), the parent of Rolls-Royce, as a party, omitting previously asserted claims, and alleging that certain turbomachinery blades, engines and components manufactured by Rolls-Royce infringe a U.S. patent held by Pratt & Whitney. Pratt & Whitney seeks...

  • Page 52
    ... markets in which we operate and in the United States and globally and any changes therein, including financial market conditions, fluctuation in commodity prices, interest rates and foreign currency exchange rates, levels of end market demand in construction and in both the commercial and defense...

  • Page 53
    ... Business as a Whole," and in the "Legal Proceedings" section. Additional important information as to these factors is included in this 2010 Annual Report in the section titled "Management's Discussion and Analysis of Financial Condition and Results of Operations" under the headings "Environmental...

  • Page 54
    ...on these financial statements and on the Corporation's internal control over financial reporting based on our integrated audits. We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform...

  • Page 55
    ...in millions, except per share amounts; shares in millions) 2010 2009 2008 Net Sales: Product sales Service sales Costs, Expenses and Other: Cost of products sold Cost of services sold Research and development Selling, general and administrative Other income, net Operating profit Interest expense...

  • Page 56
    ...share amounts; shares in thousands) 2010 2009 Assets Cash and cash equivalents Accounts receivable (net of allowance for doubtful accounts of $402 and $390) Inventories and contracts in progress, net Future income tax benefits, current Other assets, current Total Current Assets Customer financing...

  • Page 57
    ... of long-term debt (Decrease) increase in short-term borrowings, net Common Stock issued under employee stock plans Dividends paid on Common Stock Repurchase of Common Stock Other financing activities, net Net cash flows used in financing activities Effect of foreign exchange rate changes on...

  • Page 58
    ... loss Common Stock issued under employee plans (5.7 million shares), net of tax benefit of $32 Common Stock contributed to defined benefit pension plans (5.0 million shares) Common Stock repurchased (50.4 million shares) Dividends on Common Stock Dividends on ESOP Common Stock Dividends attributable...

  • Page 59
    Shareowners' Equity Treasury Stock Retained Earnings Unearned ESOP Shares Accumulated Other Comprehensive Income (Loss) Noncontrolling Interest Total Equity Redeemable Noncontrolling Interest $(11,338) $21,631 4,689 $(214) $ 578 $835 364 (19) $22,064 5,053 (...

  • Page 60
    .... The Consolidated Financial Statements include the accounts of United Technologies Corporation (UTC) and its controlled subsidiaries. Intercompany transactions have been eliminated. Cash and Cash Equivalents. Cash and cash equivalents includes cash on hand, demand deposits and short-term cash...

  • Page 61
    ...revenue is generally recognized in proportion to cost. Sales generated from engine programs, spare parts sales, and aftermarket business under collaboration arrangements are recorded as earned in our financial statements. Amounts attributable to our collaborative partners for their share of revenues...

  • Page 62
    .... The GE Security business supplies security and fire safety technologies for commercial and residential applications through a broad product portfolio that includes fire detection and life safety systems, intrusion alarms, and video surveillance and access control systems. This business, which...

  • Page 63
    ... of GE Security's products, resources and management talent with those of the existing UTC Fire & Security business to enhance competitiveness, accelerate the development of certain product offerings, drive improved operational performance and secure additional service channels. Additionally...

  • Page 64
    ... average shares outstanding Earnings Per Share of Common Stock: Basic Diluted $4,373 907.9 14.8 922.7 $ 4.82 $ 4.74 $3,829 917.4 11.4 928.8 $ 4.17 $ 4.12 $4,689 937.8 18.6 956.4 $ 5.00 $ 4.90 (Dollars in millions) Otis Carrier UTC Fire & Security Pratt & Whitney Hamilton Sundstrand Sikorsky...

  • Page 65
    ... to certain aerospace programs. These capitalized costs will be liquidated as production units are delivered to the customer. The capitalized contract development costs within inventory principally relate to capitalized costs on Sikorsky's CH-148 contract with the Canadian government. The CH-148...

  • Page 66
    ...millions) 2010 2009 Advances on sales contracts and service billings Accrued salaries, wages and employee benefits Litigation and contract matters Income taxes payable Service and warranty accruals Accrued restructuring costs Interest payable Accrued workers compensation Accrued property, sales and...

  • Page 67
    ... have been due March 1, 2011. The project financing obligations noted above are associated with the sale of rights to unbilled revenues related to the ongoing activity of an entity owned by Carrier. The percentage of total debt at floating interest rates was 2% and 3% at December 31, 2010 and 2009...

  • Page 68
    ... in 2010 as a result of recent U.S. tax legislation. This is partially offset by the non-deductibility of impairment charges, the adverse impact from the health care legislation related to the Medicare Part D program and other increases to our effective tax rate. The 2009 effective tax rate reflects...

  • Page 69
    ...212 million for 2010, 2009 and 2008, respectively. Effective January 1, 2010, newly hired non-union domestic employees receive all of their retirement benefits through the defined contribution savings plan. Our non-union domestic employee savings plan uses an Employee Stock Ownership Plan (ESOP) for...

  • Page 70
    ... exchange translation, primarily for plans in the United Kingdom and Canada. Qualified domestic pension plan benefits comprise approximately 76% of the projected benefit obligation. Benefits for union employees are generally based on a stated amount for each year of service. For non-union employees...

  • Page 71
    ..., the fixed income portfolio consists of a broadly diversified portfolio of corporate bonds, global government bonds and U.S. Treasury STRIPS. These investments are designed to hedge 40% of the interest rate sensitivity of the pension plan liabilities. Discount rate Salary scale Expected return on...

  • Page 72
    ...& Liabilities (h) Total at December 31, 2010 Public Equities Global Equities Global Equity Commingled Funds (a) Enhanced Global Equities (b) Private Equities (c) Fixed Income Securities Governments Corporate Bonds Structured Products (d) Real Estate (e) Other (f) Cash & Cash Equivalents (g) Subtotal...

  • Page 73
    .... Valuation adjustments reflect changes in operating results, financial condition, or prospects of the applicable portfolio company. Over-the-counter securities and government obligations are valued at the bid prices or the average of the bid and ask prices on the last business day of the year from...

  • Page 74
    ... table as weighted-averages: Benefit Obligation 2010 2009 2010 Net Cost 2009 2008 $ Discount rate Expected return on plan assets 4.9% - 5.5% - 5.5% 5.0% 6.0% 5.8% 5.9% 7.8% $ 10 (832) $ 11 (876) $(865) $(822) Assumed health care cost trend rates are as follows: 2010 2009 $ (66) (756...

  • Page 75
    ... long-term incentive plans, the exercise price of awards is set on the grant date and may not be less than the fair market value per share on that date. Generally, stock appreciation rights and stock options have a term of ten years and a minimum three-year vesting period. In the event of retirement...

  • Page 76
    ...-average volatility Expected term (in years) Expected dividends Risk-free rate 24% - 28% 25% 7.4 - 7.9 2.7% 0.1% - 4.0% 30% - 42% 30% 7.4 - 7.9 2.1% 0% - 2.5% 23% - 26% 23% 7.9 - 8.7 1.6% 2.9% - 4.0% Otis Carrier UTC Fire & Security Pratt & Whitney Hamilton Sundstrand Sikorsky Eliminations...

  • Page 77
    ... efforts, including workforce reductions, the consolidation of field operations and the consolidation of repair and overhaul operations. Otis Carrier UTC Fire & Security Pratt & Whitney Hamilton Sundstrand Sikorsky Eliminations and other General corporate expenses Total $155 229 119 233 103...

  • Page 78
    ... increase the costs of financing, investing and operating the business. We have used derivative instruments, including swaps, forward contracts and options to manage certain foreign currency, interest rate and commodity price exposures. By nature, all financial instruments involve market and credit...

  • Page 79
    ... current market conditions continue, a $58 million pre-tax gain is expected to be reclassified from Accumulated other comprehensive loss into Product sales to reflect the fixed prices obtained from foreign exchange hedging within the next 12 months. At December 31, 2010, all derivative contracts...

  • Page 80
    ... value using closing stock prices from active markets and are classified within Level 1 of the valuation hierarchy. Our derivative assets and liabilities include foreign exchange and commodity derivatives that are measured at fair value using internal models based on observable market inputs such as...

  • Page 81
    ... December 31, 2010: (Dollars in millions) Economic conditions and air travel influence the operating environment for most airlines, and the financial performance of our aerospace businesses is directly tied to the economic conditions of the commercial aerospace and defense industries. Additionally...

  • Page 82
    ... with developing new engines, Pratt & Whitney has entered into certain collaboration arrangements in which costs, sales and risks are shared. Sales generated from engine programs, spare parts sales, and aftermarket business under collaboration arrangements are recorded as earned in our financial...

  • Page 83
    ... in millions) 2010 2009 2008 Collaborator share of sales: Cost of products sold Cost of services sold $ 850 38 $772 29 $1,059 17 Collaborator share of program costs (reimbursement of expenses incurred): Cost of products sold Research and development Selling, general and administrative (83) (135...

  • Page 84
    ... Financial Data Our operations are classified in six principal segments. The segments are generally determined based on the management of the businesses and on the basis of separate groups of operating companies, each with general operating autonomy over diversified products and services. Otis...

  • Page 85
    ... sales. Segment information for the years ended December 31 is as follows: (Dollars in millions) 2010 Net Sales 2009 2008 2010 Operating Profits 2009 2008 Otis Carrier UTC Fire & Security Pratt & Whitney Hamilton Sundstrand Sikorsky Total segment Eliminations and other General corporate expenses...

  • Page 86
    ... 2008 Europe Asia Pacific Other $2,188 2,721 2,815 $7,724 $2,089 2,430 2,477 $6,996 $2,180 2,221 2,861 $7,262 Major Customers. Net Sales include sales under prime contracts and subcontracts to the U.S. government, primarily related to Pratt & Whitney, Hamilton Sundstrand and Sikorsky products...

  • Page 87
    ... ending December 31, 2010 for our common stock, as compared to the Standard & Poor's 500 Stock Index and to the Dow Jones 30 Industrial Average. Our common stock price is a component of both indices. These figures assume that all dividends paid over the five-year period were reinvested, and that the...

  • Page 88
    ...-Pierre Garnier Operating Partner Advent International (Global Private Equity Firm) Retired Chief Executive Officer GlaxoSmithKline Jamie S. Gorelick Partner WilmerHale (Law Firm) Former Deputy Attorney General of the United States Former General Counsel of the Department of Defense Edward A. Kangas...

  • Page 89
    ...Pratt & Whitney Carey E. Bond President, Sikorsky Global Helicopters and Chief Marketing Officer J. Thomas Bowler, Jr. Senior Vice President, Human Resources and Organization Matthew F. Bromberg Vice President and General Manager, Customer Service, Hamilton Sundstrand William M. Brown President, UTC...

  • Page 90
    ... Corporation United Technologies Building Hartford, Connecticut 06101 For additional information about UTC, please contact Investor Relations at the above corporate office address or visit our website at: www.utc.com. Shareowner Information Services Our Internet and telephone services give...

  • Page 91
    ... 28th in the top 50 Companies for Women engineers readers' Choice award by Woman Engineer magazine. UTC inducted into the Hall of Fame of the Business United Technologies Corporation and its subsidiaries' names, abbreviations thereof, logos, and product and service designators are all either the...

  • Page 92
    United Technologies Building Hartford, Connecticut 06101 U.S.A. www.utc.com Carrier Hamilton Sundstrand Otis Pratt & Whitney Sikorsky UTC Fire & Security UTC Power