United Tech to invest $15 billion in U.S. over next five years
Reuters
Published May 23, 2018 10:03AM ET
United Tech to invest $15 billion in U.S. over next five years
(Reuters) - United Technologies Corp (NYSE:UTX) said on Wednesday it would invest more than $15 billion for research and development and capacity expansion in the United States over the next five years, spurred by the recent tax cuts.
The company also plans to hire 35,000 people in this period and spend about $75 billion with U.S. suppliers to strengthen local economies.
The maker of Pratt & Whitney aircraft engines said about $9 billion of the investment is expected to go towards research and development, including on artificial intelligence and autonomy.
The remaining $6 billion will be used to increase capacity in existing manufacturing facilities and improve efficiency.
The announcement comes at a time when the company is facing pressures from activist shareholders who believe that a breakup into three businesses could unlock $20 billion in value.
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.