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Thursday, October 2, 2014

Pratt & Whitney names new commercial exec amid launch of jet engine, (NYSE: UTX)

United Technologies Corp's Pratt & Whitney unit on Thursday named a new president of its commercial engines division in the midst of a crucial launch of a new engine for commercial jets. Pratt appointed Gregory Gernhardt as president of Pratt & Whitney Commercial Engines, effective immediately. He replaces David Brantner, who "has decided to depart the company," Pratt said in a statement.Pratt's new geared turbofan is helping revitalize its commercial engine business. The engine is offered on Airbus' A320neo narrow-body plane, which had its maiden flight last week, and other new regional jets.Pratt has invested $1 billion developing the engine.

United Technologies Corporation (UTC) provides high technology products and services to the building systems and aerospace industries worldwide. Shares of UTX fell by 0.4% or $-0.42/share to $103.42. In the past year, the shares have traded as low as $102.21 and as high as $120.66. On average, 3982270 shares of UTX exchange hands on a given day and today's volume is recorded at 3208032.