United Technologies Corp.
) recently received a contract worth $1 billion from the U.S.
Department of Defense to manufacture engines for
Lockheed Martin Corporation's
) F-35 fighter jets. The contract was awarded to the Military
Engines subsidiary of Pratt & Whitney - one of the business
segments of United Technologies.
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The contract entails Pratt & Whitney to produce engines for
32 F-35 fighter jets and 3 spares. These fighter jets are
manufactured by aerospace giant Lockheed Martin and are presently
deployed in the U.S. Marine Corps, Air Force, and Navy. In
addition to regular maintenance services, Pratt & Whitney
also provides fleet and material management, engineering
services, and technical data updates to the U.S. Department of
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. Till date, Pratt & Whitney has
delivered 98 production engines for F-35 fighter jets.
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 presently has a Zacks Rank #3 (Hold). Other
companies in the industry that are worth mentioning include
Compass Diversified Holdings
), both carrying a Zacks Rank #2 (Buy).