United Technologies Corp.
) recently received a maintenance contract worth $65 million from
the U.S. Department of Defense. The contract was awarded to the
Military Engines subsidiary of Pratt & Whitney - one of the
business segments of the company.
The contract entails Pratt & Whitney to maintain and repair
F135 propulsion systems that are used in F-35 fighter jets. These
fighter jets are manufactured by aerospace giant
Lockheed Martin Corporation
) and are presently deployed in the U.S. Marine Corps, Air Force
and Navy. In addition to regular maintenance services, Pratt
& Whitney will also provide fleet and material management,
engineering services, and technical data updates to the U.S.
Department of Defense.
Pratt & Whitney is among the world's leading suppliers of
aircraft engines for the commercial, military, business jet and
general aviation markets. Pratt & Whitney's Global Services
provides maintenance, repair and overhaul services, including the
sale of spare parts, as well as fleet management services for
large commercial engines
Based in Hartford, Conn, United Technologies provides high-end
technology products and services to the building systems and
aerospace industries worldwide. The company is a diversified
business conglomerate serving various end markets such as
aerospace, defense and commercial construction. The business
diversification allows the company to remain profitable amid
tough economic times.
The operations of the company are primarily classified into two
principal businesses: commercial and aerospace. Under its
commercial business, the company has Otis and the UTC Climate,
Controls & Security division which combined the former
Carrier and UTC Fire & Security divisions. The aerospace
business of the company consists of Sikorsky aircraft and the UTC
Propulsion & Aerospace Systems, which includes UTC Aerospace
Systems and Pratt & Whitney divisions.
United Technologies faces intense competition from industry
bigwigs such as
China Merchants Holdings (International) Company
Jardine Strategic Holdings Ltd.
), each carrying a Zacks Rank #1 (Strong Buy). United
Technologies presently has a Zacks Rank #3 (Hold).
CHINA MERCHANTS (CMHHY): Get Free Report
JARDINE STRATEG (JSHLY): Get Free Report
LOCKHEED MARTIN (LMT): Free Stock Analysis
UTD TECHS CORP (UTX): Free Stock Analysis
To read this article on Zacks.com click here.