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Tuesday, September 16, 2014

CORRECTED-United Technologies eyes large M&A, but sees weak deal pipeline, (NYSE: UTX)

U.S. manufacturer United Technologies Corp is looking for large acquisitions, but does not see a wealth of opportunities with the soaring stock market driving up prices, the company's chief financial officer said on Tuesday."We continue to look for opportunities to do large-scale M&A," United Technologies Chief Financial Officer Greg Hayes told an investor conference. "At $65 billion (in annual revenue), you have got to do bigger deals to move the needle."But when asked how he viewed the deal pipeline, Hayes responded: "Not terribly robust."United Technologies' products fall under two areas: aerospace, including Pratt & Whitney jet engines and Sikorsky helicopters; and commercial buildings, including Otis elevators and Carrier climate control systems.

United Technologies Corporation (UTC) provides high technology products and services to the building systems and aerospace industries worldwide. Shares of UTX traded higher by 0.31% or $0.34/share to $108.66. In the past year, the shares have traded as low as $102.21 and as high as $120.66. On average, 3841810 shares of UTX exchange hands on a given day and today's volume is recorded at 2693419.