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Company Description

Contact Info

One Financial Plaza

Hartford, CT 06101

United States

Phone: 860-728-7000

Fax:

ll as fleet management services. As of December 31, 2013, the interests of third party participants in Pratt & Whitney-directed commercial jet engine programs ranged from 2 percent to 49 percent. In addition, Pratt & Whitney has interests in other engine programs, including a 50 percent ownership interest in the Engine Alliance (EA), a joint venture with GE Aviation, which markets and manufactures the GP7000 engine for the Airbus A380 aircraft. Pratt & Whitney, Rolls-Royce plc (Rolls-Royce), MTU Aero Engines AG (MTU), and Japanese Aero Engines Corporation (JAEC), participants in the IAE International Aero Engines AG (IAE) collaboration, which sells and supports V2500 engines for the Airbus A320 family of aircraft, completed a restructuring of their interests in IAE. Under the terms of the agreement, Rolls-Royce sold its ownership and collaboration interests in IAE to Pratt & Whitney, while also entering into an agreement to license its V2500 intellectual property to Pratt & Whitney. Pratt & Whitney has a collaboration arrangement with MTU with respect to a portion of the collaboration interest in IAE acquired from Rolls-Royce. As a result of these transactions, Pratt & Whitney holds a 61% net interest in the collaboration. Pratt & Whitney is under contract with the U.S. Air Force to develop the F135 engine, a derivative of Pratt & Whitney’s F119 engine, to power the single-engine F-35 Lightning II aircraft being developed by Lockheed Martin. In addition, Pratt & Whitney is developing technology, including the PurePower PW1000G Geared TurboFan engine, intended to enable it to power both currently-proposed and future aircraft. The PurePower PW1000G engine targets a reduction in fuel burn and noise levels with lower environmental emissions. This segment’s products are sold principally to aircraft manufacturers, airlines and other aircraft operators, aircraft leasing companies, and the U.S. and foreign governments. This segment’s customer includes Airbus. UTC Aerospace Systems This segment provides technologically advanced aerospace products and aftermarket service solutions for aircraft manufacturers, airlines, regional, business and general aviation markets, military, space and undersea operations. This segment’s product portfolio includes electric power generation, power management and distribution systems, flight guidance and flight management systems, engine systems accessories, intelligence, surveillance and reconnaissance systems, engine components, environmental control systems, fire protection and detection systems, propeller systems, aircraft aerostructures, including engine nacelles, thrust reversers, and mounting pylons, interior and exterior aircraft lighting, aircraft seating and cargo systems, actuation systems, landing systems including landing gears, and wheels and brakes, and space products and subsystems. Its aftermarket services include spare parts, overhaul and repair, engineering and technical support and fleet management solutions. This segment sells aerospace products to airframe manufacturers, the U.S. and foreign governments, aircraft operators, maintenance, repair and overhaul providers, and independent distributors. Its non-governmental customers are Boeing and Airbus. This segment is a supplier of several systems, including the propellers, for the Airbus A400M aircraft that entered service in August of 2013. In addition, the company produced product placements supporting first flights in 2013 of the Airbus A350, Bombardier CSeries and Boeing 787-9 platforms. Sikorsky This segment manufactures military and commercial helicopters and also provides aftermarket helicopter and aircraft parts and services. Major production programs at Sikorsky include the UH-60M Black Hawk medium-transport helicopters and HH-60M Medevac helicopters for the U.S. and foreign governments, the S-70 Black Hawk for foreign governments, the MH-60S and MH-60R helicopters for the U.S. Navy, the International Naval Hawk for multiple naval missions, and the S-76 and S-92 helicopters for commercial operations. In 2012, the U.S. Government and Sikorsky signed a five-year multi-service contract f

 

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UTX

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Valuation UTX Industry Range
Price/Earnings 17.1x
Price/Sales 1.6x
Price/Book 3.1x
Price/Cash Flow 17.0x
TEV/Sales 1.2x
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