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Thursday, March 12, 2015

United Tech CEO: Sale of Sikorsky would be hard due to taxes, (NYQ: UTX)

United Technologies Corp's chief executive officer said on Thursday that a sale of its Sikorsky helicopter unit would be "very hard" due to the heavy tax liability that would come with such a disposition. United Technologies said on Wednesday it is exploring alternatives for Sikorsky, including a potential spinoff. Any buyer is expected to face significant taxes, because the value of Sikorsky has appreciated so much since it became part of United Tech in 1929.

United Technologies Corporation provides high technology products and services to the building systems and aerospace industries worldwide. Shares of UTX traded higher by 2.45% or $2.9/share to $121.24. In the past year, the shares have traded as low as $97.30 and as high as $124.45. On average, 3905920 shares of UTX exchange hands on a given day and today's volume is recorded at 4907732.