Navigate this market better. Subscribe for FREE stock alerts and information.

Thursday, October 2, 2014

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

United Technologies Corp's Pratt & Whitney unit on Thursday named a new head of its commercial engines division in the midst of a crucial launch of a commercial jet engine.Pratt appointed Gregory Gernhardt as president of Pratt & Whitney Commercial Engines, effective immediately. He replaces David Brantner, who was named to the commercial engine leadership post in June 2013.Brantner "has decided to depart the company," Pratt said in a statement. Industry sources who declined to be named said Brantner is leaving voluntarily for a senior position at another aerospace company and had not been pushed out.Pratt's new geared turbofan, or GTF, 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 jets. Pratt has invested $1 billion developing the engine, which has more than 6,000 orders and commitments.

United Technologies Corporation (UTC) provides high technology products and services to the building systems and aerospace industries worldwide. Shares of UTX fell by 0.58% or $-0.6/share to $103.24. 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 4034343.