United Technologies isn’t wasting any time putting its upcoming shopping spree into play.
The company, parent of jet engine maker Pratt & Whitney, aerospace manufacturer Hamilton Sundstrand and other businesses, said Thursday it expects to spend roughly $3 billion on mergers and acquisitions next year and $1.5 billion to buy back company stock, in a move to boost its bottom line.
Just the day before, United Technologies said it was ponying up roughly $270 million to buy a 49.5 percent stake in Clipper Windpower, a struggling maker of wind turbine blades.
In a presentation to investors, the firm’s president and chief executive, Louis R. Chenevert also backed 2009 profit guidance of $4.10 per share and forecast 2010 earnings per share in a range of $4.40 to $4.65 on revenue of $54 billion to $55 billion....MORE
Preciously:As G.E. Struggles, a Rival Steps Up (GE; UTX)
UTX has dramaically outperformed GE in the last twelve months: