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Pratt & Whitney

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About Pratt & Whitney

United Technologies (UTC) lifts you up and cools you down. Carrier, Otis, UTC Climate Controls & Security, Pratt & Whitney, Sikorsky, and Power develop technologies, systems, and services for the aerospace, construction, and security industries. Under the Carrier brand and through Otis, UTC is a world leader in HVAC units and elevators/escalators, – more... respectively. Pratt & Whitney is a leading supplier of commercial and military engines, while Sikorsky makes helicopters. Hamilton Sundstrand produces engine controls, auxiliary power units, propellers, and flight systems for military and commercial clients. UTC operates in more than 70 countries; more than half of its sales are outside the US.

Operations

Outside the realm of aerospace, the company's Climate Controls & Security operations manufactures all sorts of electronic security products, including alarms, monitoring equipment, surveillance and access control systems, fire and hazard detection products, as well as firefighting equipment, for commercial, governmental, and residential applications. In addition to electronic products and services, Climate Controls & Security also offers personnel for response and security services, as well as to transport cash. 

Financial Performance

UTC's balance sheet has enjoyed growth in recent years, and year-over-year 2011 net sales rose 7%. By business group, Sikorsky's sales climbed 10% thanks mainly to strong demand from military OEM and aftermarket customers. Both Hamilton Sundstrand and Carrier enjoyed a 9% uptick in sales supported respectively by aerospace and industrial customers and the transport refrigeration market. Pratt & Whitney did well behind healthy commercial and aftermarket sales. Otis went up with good equipment sales in emerging markets, and UTC Fire & Security picked up sales with its products business.

The company posted a more than 14% increase in its 2011 net income, even with about $336 million in restructuring costs. One contributing factor to the company's net income may have been its use of hedging strategies, in regard to foreign currency, to help mitigate exposure to volatility in foreign currency exchange rates. In 2011 the company launched a major restructuring effort that includes cutting about 5,000 positions and closing some two million net square feet of facility space. Also in 2011 the company divested some non-core businesses, its UK and Singapore guarding units.

Strategy

UTC strives to maintain a balance between its private and military sectors, its commercial and aerospace operations, and its original equipment (OE) and aftermarket products and services. It also juggles fluctuations in the market that may impact one or more of its businesses. These fluctuations include changing fuel costs and contracts from the US Department of Defense (DoD), which are subject to policies set by the White House and Congress.

This strategy of product balance is combined with geographic balance, which has the company investing in emerging markets that show great growth potential, such as Argentina, Brazil, China, Mexico, the Middle East, Russia, and South Africa. UTC is champing at the bit to acquire aerospace and commercial companies with operations in India, looking to achieve $2.5 billion in revenues from the country by 2015. The company set up a country office in late 2010 to oversee its businesses in India.

To help fund acquisitions, UTC reached agreements to sell some assets. The company sold the former Goodrich electric power systems business to SAFRAN for $400 million. The divestiture was a condition of UTC's 2012 acquisition of Goodrich. Pratt & Whitney's Rocketdyne operations are being sold to jet engine maker GenCorp for $550 million. Three Hamilton Sundstrand businesses, Milton Roy, Sullair, and Sundyne, are being sold to private equity firms BC Partners and The Carlyle Group for $3.46 billion.

As it focuses on its core aerospace and building systems operations, UTC in late 2012 agreed to sell its UTC Power unit to Oregon-based ClearEdge Power.

Mergers and Acquisitions

The company has entered into a new stage with the milestone 2012 acquisitions of Goodrich and Rolls-Royce's share in the International Aero Engines (IAE) joint venture. The $16.5 billion acquisition of Goodrich, an aircraft components manufacturer, is one of UTC's largest in recent years. Through the transaction, UTC absorbed $1.9 billion in assumed debt, but it also sizably boosted its services to the commercial aerospace/defense industry and increased its revenues.

Goodrich will be combined with Hamilton Sundstrand. As part of the regulatory stipulations of the deal, UTC is selling Goodrich's electric power systems business to SAFRAN for $400 million. It is also selling Goodrich's pump and engine control systems business to Triumph Group.

Through the purchase of Rolls Royce' stake, UTC's Pratt & Whitney raised its stake in IAE to 61%. The company has supplied more than 5,000 V2500 engines and has about 2,000 more on order for the Airbus A320 aircraft. – less

Pratt & Whitney Employer Reviews

Lean Manufacturing Coordinator (Former Employee), Jupiter, FLSeptember 18, 2014
LOCAL LODGE OFFICER, MACHINIST (Former Employee), MIDDLETOWNAugust 29, 2014
Sr. Mechanical Engineer - Product Development Lead (Current Employee), Middletown, CTAugust 21, 2014
F135 Jet Engine Mechanic (Aircraft Technician) (Current Employee), Patuxent River, MDAugust 19, 2014
SOFTWARE PROJECT MANAGER (Current Employee), East Hartford CTAugust 11, 2014

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