FARMINGTON, Conn., May 23, 2018 /PRNewswire/ -- United Technologies
Corp. (NYSE: UTX) today announced plans to hire 35,000 people and
make investments of more than $15
billion in research and development (R&D) and capital
expenditures (CapEx) in the United
States over the next five years (2018-2022). With this
announcement, the company also launched a dedicated site to
highlight its investments in the U.S.:
www.utcinvestingintheusa.com.
"United Technologies is growing globally and growing the fastest
in the United States," said
Gregory J. Hayes, Chairman &
CEO, United Technologies Corporation. "Over the past three years,
we have created more jobs in the U.S. than in the rest of the world
combined."
"Our investments reflect our core belief that, similar to U.S.
economic goals, United Technologies' continued success will be
dependent on a highly-skilled workforce, world class manufacturing
facilities, and workforce education programs that enable employees
to improve their skills and remain competitive in an increasingly
digital economy."
The company's investments will create additional capacity to
better serve United Technologies' customers in the aerospace and
commercial building industries, which are benefitting from the
mega-trends of rapid urbanization, a growing middle class, and the
growth of commercial air travel.
"We are excited about our significant employment opportunities
and investments as more people globally have the buying power and
desire to live in cities and to fly commercially, and the
expectation of living and working in smart buildings that make
modern life possible," said Hayes.
United Technologies is a Net Job Creator
United Technologies is a Fortune 100 company. It employs more
than 200,000 people in more than 75 countries developing innovative
products and services for the aerospace and commercial building
industries. The company is a major U.S. employer with 67,000
employees working in hundreds of sites today, and expects to have
35,000 positions available for U.S. job seekers over the next five
years. Although most openings will result from workforce
retirements or normal turnover, several thousand positions are
expected to be net-new jobs that do not exist today. The openings
are expected to be available across all 50 states with the greatest
hiring needs in Connecticut,
Florida, and Georgia.
Half of United Technologies' hiring is expected to be in
production and maintenance roles, which involves the manufacturing,
installation and servicing of the company's vast array of products.
The other half will be professional and managerial positions with
more than one-third filling a wide range of engineering and
technology development roles, including many that reflect the
company's increased focus on digital
innovation.
United Technologies believes that a diverse workforce produces
the best ideas and outcomes for its customers, shareowners and
communities around the world. Over the last three years, one-third
of the company's new hires in the U.S. were people of color. United
Technologies is committed to achieving gender parity in our
leadership work force with a near-term goal of women holding at
least 30 percent of senior roles.
Commitment to Workforce Training and Education
United Technologies is also committed to preparing its U.S.
workforce for the future of work and advanced manufacturing. In
contrast to a recent report from Deloitte LLP¹, which said that 54
percent of U.S. companies have no training programs in place
designed to build skills for future needs, United Technologies
invests today in more than 30 U.S. workforce training programs.
These programs include apprenticeships, community college and high
school partnerships, digital certificate programs and an
industry-leading, company-paid higher education program that has
resulted in the award of more than 29,000 degrees to United
Technologies' U.S. employees (average company contribution valued
at $37,000 per participant).
$15 Billion Investment Will
Drive Innovation Efforts
The competitive tax system resulting from U.S. tax reform is
encouraging global companies, such as United Technologies, to make
long-term investments in innovation in America.
United Technologies anticipates investing $15 billion in R&D and CapEx projects in the
U.S. over the next five years. About $9
billion of that investment is expected to go towards R&D
that will include initiatives to accelerate the firm's digital
strategy. The strategy is focused on transforming service
capabilities, improving the customer experience with intelligent
products, driving optimization through smart factory adoption, and
developing connected products that enable real-time health
monitoring capabilities. It will also include work on
next-generation additive manufacturing, artificial intelligence and
autonomy, hybrid-electric, cybersecurity and the advancement of
high-temperature materials.
The remaining $6 billion is
expected to go towards CapEx initiatives that will drive innovation
across existing U.S. manufacturing facilities to increase capacity
and improve quality and efficiency.
Recent CapEx Investments Include:
- The opening of a new 80,000 square-foot manufacturing and
nacelle assembly facility on UTC Aerospace Systems' campus in
Foley, Alabama. The new building
features a range of innovative manufacturing technologies to
maximize operational efficiency and better serve customers.
The company expects to add 260 new jobs at the campus, ultimately
increasing the Foley workforce to
more than 1,000 employees.
(https://www.utcaerospacesystems.com/news-releases/adding-260-jobs-nacelle-facility-foley/)
- A $97 million investment in Pratt
& Whitney's AutoAir facility in Lansing, Michigan. The investment, which
includes a new 93,000 square-foot facility and advanced
manufacturing technologies, will enable the site, which has
increased its work force from over 200 to more than 800, to triple
its production capacity.
(http://www.utc.com/News/PW/Pages/Pratt-Whitneys-New-Fan-Blade-Manufacturing-Facility-Brings-Capacity-Online.aspx)
- A $450 million investment in
Pratt & Whitney's facility in Columbus, Georgia. This supported the purchase
of automated machinery and equipment upgrades, including a new
engine test cell, and the construction of two new buildings,
intended to increase the production of parts and maintenance
services while also reducing costs for new and existing engine
programs. The Georgia facility is expected to hire 500 new
employees and has collaborated with Georgia
Quick Start to refurbish a Columbus Technical
College facility in order to provide world-class advanced
technical training designed specifically for Columbus
Forge and the Columbus Engine Center.
(http://newsroom.pw.utc.com/press-releases?item=122985)
- The opening of the 224,000 square foot, $115 million dollar UTC Center for Intelligent
Buildings in Palm Beach Gardens,
Florida. This state-of-the-art innovation and technology
experience center – designed to the U.S. Green Building Council's
LEED® Platinum standards – will house 500 employees and serve as
the headquarters for United Technologies' Climate, Controls &
Security business, enabling the organization to further innovate
for growth.
(http://www.utc.com/News/Pages/United-Technologies-Opens-State-of-the-Art-Innovation-Center,-Announces-Plan-to-Create-100-Additional-Jobs.aspx)
- The launch of the United Technologies Digital Accelerator in
Brooklyn, New York. This facility
is part of a $300 million investment
that is expected to create 250 new jobs focused on developing
software solutions for UTC's world-class product and service
portfolio.
(http://www.utc.com/News/News-Center/Pages/Meet-United-Technologies-Digital.aspx)
- An expanded $60 million
state-of-the-art United Technologies Research Center (UTRC)
"innovation hub" in East Hartford,
Connecticut. The hub is home to a $75
million Additive Manufacturing Center of Excellence and a
$40 million Engine Compressor
Research facility.
(http://www.utc.com/News/Pages/UTRC-unveils-new-research-facilities.aspx)
*Note: in addition to its own direct investments in R&D,
United Technologies expects to manage an additional $6 billion in R&D efforts in the U.S. over
the next five years on behalf of its customers.
Local Communities and Small Businesses to Also
Benefit
United Technologies is also an important business partner to
thousands of small and medium-sized businesses. Over the next five
years, the company is projected to spend about $75 billion with U.S. suppliers, further
bolstering local economies and supporting job creation across
hundreds of communities. Roughly one-quarter of the spend is
projected to be with companies classified as small businesses.²
¹Source: Deloitte LLP's 2018 Global Human Capital Trends
Study
(https://www2.deloitte.com/insights/us/en/focus/human-capital-trends.html)
²As defined by the U.S. Small Business Administration's
guidelines for small businesses
About United Technologies Corporation
United Technologies Corp., based in Farmington, Connecticut, provides
high-technology systems and services to the building and aerospace
industries. By combining a passion for science with precision
engineering, the company is creating smart, sustainable solutions
the world needs. To learn more about UTC, visit the website or
follow the company on Twitter: @UTC
Cautionary Statement
This communication contains statements which, to the extent they
are not statements of historical or present fact, constitute
"forward-looking statements" under the securities laws. From time
to time, oral or written forward-looking statements may also be
included in other information released to the public. These
forward-looking statements are intended to provide management's
current expectations or plans for our future operating and
financial performance, based on assumptions currently believed to
be valid. Forward-looking statements can be identified by the use
of words such as "believe," "expect," "expectations," "plans,"
"strategy," "prospects," "estimate," "project," "target,"
"anticipate," "will," "should," "see," "guidance," "outlook,"
"confident" and other words of similar meaning in connection with a
discussion of future operating or financial performance.
Forward-looking statements may include, among other things,
statements relating to future sales, earnings, cash flow, results
of operations, uses of cash, share repurchases, tax rates and other
measures of financial performance or potential future plans,
strategies or transactions of United Technologies or the combined
company following United Technologies' pending acquisition of
Rockwell Collins, the anticipated benefits of the pending
acquisition, including estimated synergies, the expected timing of
financing and completion of the transaction and other statements
that are not historical facts. All forward-looking statements
involve risks, uncertainties and other factors that may cause
actual results to differ materially from those expressed or implied
in the forward-looking statements. For those statements, we claim
the protection of the safe harbor for forward-looking statements
contained in the U.S. Private Securities Litigation Reform Act of
1995. Such risks, uncertainties and other factors include, without
limitation: (1) the effect of economic conditions in the industries
and markets in which United Technologies and Rockwell Collins
operate in the U.S. and globally and any changes therein, including
financial market conditions, fluctuations in commodity prices,
interest rates and foreign currency exchange rates, levels of end
market demand in construction and in both the commercial and
defense segments of the aerospace industry, levels of air travel,
financial condition of commercial airlines, the impact of weather
conditions and natural disasters and the financial condition of our
customers and suppliers; (2) challenges in the development,
production, delivery, support, performance and realization of the
anticipated benefits of advanced technologies and new products and
services; (3) the scope, nature, impact or timing of acquisition
and divestiture or restructuring activity, including the pending
acquisition of Rockwell Collins, including among other things
integration of acquired businesses into United Technologies'
existing businesses and realization of synergies and opportunities
for growth and innovation; (4) future timing and levels of
indebtedness, including indebtedness expected to be incurred by
United Technologies in connection with the pending Rockwell Collins
acquisition, and capital spending and research and development
spending, including in connection with the pending Rockwell Collins
acquisition; (5) future availability of credit and factors that may
affect such availability, including credit market conditions and
our capital structure; (6) the timing and scope of future
repurchases of United Technologies' common stock, which may be
suspended at any time due to various factors, including market
conditions and the level of other investing activities and uses of
cash, including in connection with the proposed acquisition of
Rockwell; (7) delays and disruption in delivery of materials and
services from suppliers; (8) company and customer-directed cost
reduction efforts and restructuring costs and savings and other
consequences thereof; (9) new business and investment
opportunities; (10) our ability to realize the intended benefits of
organizational changes; (11) the anticipated benefits of
diversification and balance of operations across product lines,
regions and industries; (12) the outcome of legal proceedings,
investigations and other contingencies; (13) pension plan
assumptions and future contributions; (14) the impact of the
negotiation of collective bargaining agreements and labor disputes;
(15) the effect of changes in political conditions in the U.S. and
other countries in which United Technologies and Rockwell Collins
operate, including the effect of changes in U.S. trade policies or
the U.K.'s pending withdrawal from the EU, on general market
conditions, global trade policies and currency exchange rates in
the near term and beyond; (16) the effect of changes in tax
(including U.S. tax reform enacted on December 22, 2017, which
is commonly referred to as the Tax Cuts and Jobs Act of 2017),
environmental, regulatory (including among other things
import/export) and other laws and regulations in the U.S. and other
countries in which United Technologies and Rockwell Collins
operate; (17) the ability of United Technologies and Rockwell
Collins to receive the required regulatory approvals (and the risk
that such approvals may result in the imposition of conditions that
could adversely affect the combined company or the expected
benefits of the merger) and to satisfy the other conditions to the
closing of the pending acquisition on a timely basis or at all;
(18) the occurrence of events that may give rise to a right of one
or both of United Technologies or Rockwell Collins to terminate the
merger agreement, including in circumstances that might require
Rockwell Collins to pay a termination fee of $695
million to United Technologies or $50 million of
expense reimbursement; (19) negative effects of the announcement or
the completion of the merger on the market price of United
Technologies' and/or Rockwell Collins' common stock and/or on their
respective financial performance; (20) risks related to Rockwell
Collins and United Technologies being restricted in their operation
of their businesses while the merger agreement is in effect; (21)
risks relating to the value of the United Technologies' shares to
be issued in connection with the pending Rockwell acquisition,
significant merger costs and/or unknown liabilities; (22) risks
associated with third party contracts containing consent and/or
other provisions that may be triggered by the Rockwell merger
agreement; (23) risks associated with merger-related litigation or
appraisal proceedings; and (24) the ability of United Technologies
and Rockwell Collins, or the combined company, to retain and hire
key personnel. There can be no assurance that United Technologies'
pending acquisition of Rockwell Collins or any other transaction
described above will in fact be consummated in the manner described
or at all. For additional information on identifying factors that
may cause actual results to vary materially from those stated in
forward-looking statements, see the reports of United Technologies
and Rockwell Collins on Forms S-4, 10-K, 10-Q and 8-K filed with or
furnished to the SEC from time to time. Any forward-looking
statement speaks only as of the date on which it is made, and
United Technologies and Rockwell Collins assume no obligation to
update or revise such statement, whether as a result of new
information, future events or otherwise, except as required by
applicable law. In addition, in connection with the pending
Rockwell Collins acquisition, UTC has filed a registration
statement, that includes a prospectus from UTC and a proxy
statement from Rockwell Collins, which is effective and contains
important information about UTC, Rockwell Collins, the transaction
and related matters.
Contact:
|
Sara Banda,
UTC
|
|
(860)
493-4149
|
|
|
|
Bradley Akubuiro,
UTC
|
|
(202)
336-7488
|
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SOURCE United Technologies Corp.