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United Technologies Corp. will buy back up to 60 million shares of the company's common stock worth about $5.4 billion at current prices, the company announced Feb. 4.
Corporate dealmakers are forecasting a strong 2013 for prospective buyers and sellers of mid-sized companies after mergers and acquisitions picked up at the end of last year.
United Technologies Corp. (UTC) last week completed a $3.46 billion sale of its Hamilton Sundstrand industrial products unit to help finance the company's July acquisition of Goodrich Corp., valued at $16.5 billion.
A group of aerospace industry executives, including Pratt & Whitney President David Hess, warned Congress and the Obama administration that a failure to address the sequester – a package of billions of dollars in defense spending cuts scheduled to begin Jan. 1 – could result in “hundreds” of lost jobs.
United Technologies Corp. subsidiary Pratt & Whitney has laid off 80 hourly workers and eliminated 20 positions through buyouts, according to a report by the Harford Courant.