United Technologies Stocks & Bonds - Ghosts of Wall Street

United Technologies

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    In 1974, Harry Gray left Litton Industries to become the CEO of United Aircraft. He pursued a strategy of growth and diversification, changing the parent corporation's name to United Technologies Corporation (UTC) in 1975 to reflect the intent to diversify into numerous high tech fields beyond aerospace. The change became official on May 1, 1975. The diversification was partially to balance civilian business against any overreliance on military business.

    UTC became a mergers and acquisitions (M&A) – focused organization, with various forced takeovers of unwilling smaller corporations. The next year, UTC forcibly acquired Otis Elevator. In 1979, Carrier Refrigeration and Mostek were acquired - the Carrier deal was forcible, while the Mostek deal was a white knight move against hostile takeover designs by Gould.

    At one point, the military portion of UTC's business, whose sensitivity to "excess profits" and boom/bust demand drove UTC to diversify away from it, actually carried the weight of losses incurred by the commercial M&A side of the business. Although M&A activity was not new to United Aircraft, the M&A activity of the 1970s and 1980s was higher-stakes and arguably unfocused. Rather than aviation being the central theme of UTC businesses, high tech (of any type) was the new theme.

    Mostek was sold in 1985 to the French electronics company Thomson.

    The company, which was headquartered in Connecticut, merged with the Raytheon Company in April 2020 to form Raytheon Technologies.

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    United Technologies Corporation Stock Certificate
    United Technologies Corporation Stock Certificate
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    United Technologies Corporation
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