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Sep 16, 2014

United Technologies eyes large M&A, but sees weak deal pipeline

By Lewis Krauskopf

(Reuters) – U.S. manufacturer United Technologies Corp (UTX.N: Quote, Profile, Research, Stock Buzz) 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.”

Sep 16, 2014

U.S. CEOs gloomier about hiring, spending plans: survey

By Lewis Krauskopf

(Reuters) – U.S. chief executive officers are gloomier about their plans for hiring and capital expenditures over the next six months, and are more wary about their sales prospects, according to a quarterly survey from the Business Roundtable released on Tuesday.

The CEOs’ hiring plans were particularly weaker, with 34 percent expecting U.S. employment to increase in the next six months, down from 43 percent in the Business Roundtable’s second-quarter survey. Twenty percent expect their employment to decrease in the next six months, compared with 14 percent in the prior survey.

Sep 15, 2014

GE exec says avoided geared design in jet engine battle with Pratt

By Lewis Krauskopf

(Reuters) – General Electric Co (GE.N: Quote, Profile, Research, Stock Buzz) avoided using a geared design for its new engine for narrowbody jets because of concerns about weight and reliability, said a top GE executive on Monday as it battles with rival Pratt & Whitney for billions of dollars in engine orders.

Pratt, part of United Technologies Corp (UTX.N: Quote, Profile, Research, Stock Buzz), developed a geared turbofan that relies on a gearbox and lets the front fan operate at a different speed than the rest of the engine, while on GE’s traditionally configured engines the fans run at the same speed.

Sep 12, 2014

Budget cuts seen endangering U.S. defense innovation

WASHINGTON, Sept 12 (Reuters) – Spy planes that fly at
hypersonic speeds. Missiles with surgical-strike capabilities.
Lasers that protect ships from drones and small attack boats.

These inventions and developing technologies are some of
the projects that excite top military officials and defense
company executives when they contemplate advances for national
security.

Sep 10, 2014

U.S. Navy, Marines need more women: Navy secretary

WASHINGTON (Reuters) – U.S. Navy Secretary Ray Mabus said more women should be serving in the Navy and Marine Corps, and plans to take action to boost their presence in those military branches.

“We don’t have enough women in either the Navy or the Marine Corps,” Mabus told the Reuters Aerospace and Defense Summit on Wednesday as he kicked off a drive to expand the number of women in the Navy.

Sep 7, 2014

GE oil business seeks to outpace market, improve margins

NEW YORK (Reuters) – General Electric Co’s fast-growing oil and gas business that supplies equipment and services is improving profit margins and is well-placed to outpace industry growth over the next several years, a top unit executive said in an interview.

Spurred by $14 billion in acquisitions since 2007, the oil division’s revenue has risen 75 percent to $17 billion since 2009, making it the U.S. conglomerate’s fastest-growing industrial business in that period.

Sep 2, 2014

Jet-engine maker Pratt & Whitney accuses titanium supplier of fraud

By Lewis Krauskopf

(Reuters) – United Technologies Corp unit Pratt & Whitney has sued a titanium supplier for fraud, after questions over the material led Pratt to briefly suspend delivery of its engine for the F-35 Joint Strike Fighter.

Pratt said that A&P Alloys Inc, in West Bridgewater, Massachusetts, “intentionally submitted certifications falsely representing the pedigree and quality of its material,” according to court documents filed in U.S. District Court in Massachusetts on Friday.

Aug 29, 2014

Pratt halted F-35 engine shipments in May over titanium

Aug 29 (Reuters) – United Technologies Corp’s Pratt
& Whitney unit briefly suspended delivery of the engine for the
F-35 Joint Strike Fighter jet in May because of questions about
titanium provided to a parts supplier.

Pratt said on Friday it discovered conflicting documentation
in late May that raised questions about the origin of the
titanium, which was also used in parts for engines made by its
Pratt & Whitney Canada division. The Lockheed Martin Corp
F-35 strike fighter is the Pentagon’s costliest weapons
program.

Aug 29, 2014

Pratt suspended F-35 engine shipments in May over titanium

Aug 29 (Reuters) – United Technologies Corp’s Pratt
& Whitney unit briefly suspended delivery of the engine for the
F-35 Joint Strike Fighter jet in May because of questions about
titanium provided to a parts supplier.

Pratt said on Friday it discovered conflicting documentation
in late May that raised questions about the origin of the
titanium, which was also used in parts for engines made by its
Pratt & Whitney Canada division. The Lockheed Martin Corp
F-35 strike fighter is the Pentagon’s costliest weapons
program.

Aug 25, 2014

Honeywell lockout of union at Illinois uranium plant nearing one month

Aug 25 (Reuters) – A lockout of about 135 union employees at
a Honeywell International Inc uranium conversion plant
in Illinois is poised to extend past a month as the two sides
remain apart on several issues.

Production and maintenance employees at the Metropolis,
Illinois, plant who are members of United Steelworkers Local
7-669 have been locked out since the start of August, after a
three-year contract expired. Talks are not expected to resume
this week while the company reviews the union’s latest proposal,
said union spokesman John Paul Smith.

    • About Lewis

      "I help coordinate coverage of healthcare companies for Reuters in the United States. I also cover health insurers, pharmacy benefit managers, generic drugmakers and pharmaceutical companies."
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