By Tess Stynes
United Technologies Corp. (UTX) board raised the industrial
conglomerate's quarterly dividend by 8.5%, bringing the payout to
shareholders to 64 cents a share.
Chief Executive Gregory Hayes, who has reshaping UTX's
management ranks since taking the helm in late November, said the
move extends the company's long track record of increasing its
dividends, and also reflects the continued momentum in its
businesses as well as its confidence that the company is set to
deliver solid cash flow in 2015 and beyond.
Mr. Hayes, formerly the company's financial chief, took the helm
after Chairman and Chief Executive Louis Chenevert abruptly
retired.
Mr. Hayes took charge of UTX--which makes everything from Pratt
& Whitney jet engines to Otis elevators to Carrier air
conditioning systems--as the conglomerate is struggling with
slowing Chinese real-estate markets, difficulties in Europe and
narrowing margins.
The recent management changes include the company's move to
bring back a former longtime executive David Hess to help oversee
the company's aviation businesses, ahead of a major production ramp
up of its new jet engine.
Write to Tess Stynes at tess.stynes@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires