United Technologies

The story of United Technologies Corporation (UTC) begins not as a single entity, but as a collection of aviation pioneers. In 1929, Frederick Rentschler of Pratt & Whitney, a premier engine maker, joined forces with William Boeing of the Boeing Airplane & Transport Corporation to form the United Aircraft and Transport Corporation. This massive holding company brought together leaders in engines, propellers, and airframes. However, this vertical integration was short-lived. In 1934, due to antitrust concerns, the conglomerate was broken up, giving birth to United Aircraft Corporation, the direct predecessor to UTC. For decades, United Aircraft focused on its core aerospace and defense businesses. A significant shift occurred in the 1970s under the leadership of CEO Harry Gray. To reduce reliance on the cyclical military market, Gray initiated a series of major acquisitions. The company rebranded as United Technologies Corporation in 1975 to reflect its new, broader scope. This era saw the acquisition of Otis Elevator Company and Carrier, a major manufacturer of heating and cooling systems. A new chapter unfolded in the 21st century. In a landmark move, UTC announced in 2019 its intention to merge with defense contractor Raytheon. This merger of equals, completed in April 2020, was preceded by a significant strategic split. United Technologies spun off its commercial divisions, Otis and Carrier, into separate, independent public companies. The remaining aerospace and defense assets combined with Raytheon to form Raytheon Technologies (now RTX), creating one of the world's largest aerospace and defense companies.