United Technologies Corp's chief executive officer said on Thursday that the company will spend $1 billion on acquisitions this year, "maybe a little bit more," even as he eyes bigger targets.United Technologies CEO Greg Hayes, speaking at investor day in New York where he detailed a potential split off of its Sikorsky helicopter unit, said that the acquisition climate was difficult due to high pricing.He reiterated his earlier stance that he was interested in large deals, but he cautioned that "mega deals" were "really, really hard" to execute."We're going to look for the bigger deals, and $5 billion is a pretty big deal," Hayes told an audience of analysts and investors.
United Technologies Corporation provides high technology products and services to the building systems and aerospace industries worldwide. Shares of UTX traded higher by 1.92% or $2.27/share to $120.61. 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 2984496.
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