Sikorsky Aircraft Corp. and Tata Advanced Systems Ltd. (TASL) today announced creation of a joint venture that will manufacture aerospace components for Sikorsky in India, including components for S-92® helicopter cabins. The joint venture agreement builds upon a long-term contract signed in Jun 2009 for TASL to assemble Sikorsky S-92® helicopter cabins. Sikorsky is a subsidiary of United Technologies Corp. (UTX) and TASL is a wholly owned subsidiary of Tata Sons.

Both the joint venture agreement and the cabin assembly contract stem from a MOU signed in Feb 2007 by the companies to explore the creation of aerospace operations in India. The cabin assembly contract signed in June 2009 has led to ongoing construction in Hyderabad, in the state of Andhra Pradesh, where TASL will assemble S-92 helicopter cabins starting in 2010.  The new joint venture will be positioned to manufacture components for other aerospace Original Equipment Manufacturers

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United Technologies Corporation (UTX) reported third quarter 2009 earnings per share of $1.14 and net income attributable to common shareowners of $1.1 billion, down 14% and 17%, respectively, from the year ago quarter. This was ahead of the Zacks Consensus Estimate of $1.12.  Revenues for the quarter at $13.4 billion were 11% below prior year including organic decline (7%) and adverse foreign currency translation (3%). Segment operating margin at 14.5% was 20 basis points higher than the prior year.  Cash flow from operations less capital expenditures was 160% of net income attributable to common shareowners on significant inventory reductions across both commercial and aerospace businesses. Cash flow from operations was $1.9 billion, including $150 million of domestic pension contributions. Capital expenditures were $161 million in the quarter.  United Technologies expects 2009 earnings per share at $4.10, the midpoint of the prior range of $4.00 to ...

United Technologies Corporation (UTX) announced George David, 67, will retire as Chairman of the Board of Directors at the end of the year, concluding 34 years of service with UTC, including 14 years as Chief Executive Officer. Louis Chenevert, 52, President and Chief Executive Officer, will succeed David as Chairman, effective Jan 1, 2010, following his election by the UTC board. David will remain a consultant and adviser to the corporation for 2010.  During George’s tenure, notable changes were UTC's global expansion, with international revenues growing from 25% to more than 60% today, and its focus on process and research disciplines.  Since David took the helm in 1994, profit and revenue soared, with much of the success attributed to his hard-charging style. But with the start of the global recession last year, it is up to Chenevert to push through a large restructuring plan that will eliminate ...

L-3 Communications Holdings Inc. (LLL) yesterday announced that its subsidiary L-3 Communications Corporation will issue $1 billion in senior notes with coupon rate of 5.2%. The notes are due in October 2019.  L-3 Communications will use the proceeds from the note issue along with available cash to reduce its debt burden. The company plans to redeem $750 million in senior subordinated notes due in 2012 and repay a $650 million term loan. Apart from that the company will also replace its existing $1 billion revolving credit facility with a 3-year facility of at least $750 million.  L-3 Communications has one of the strongest balance sheets among its peers with a low debt-to-capitalization of 38.3% after the first half of fiscal 2009. The company continues to be a strong cash generator and closed the first half of fiscal 2009 with cash and cash equivalents of $897 million. ...

Pratt & Whitney Rocketdyne has been awarded a 10-month contract by Lockheed Martin for preliminary design of the high speed accelerator for a turbine-based combined-cycle (TBCC) propulsion system, which could support flight up to Mach 6. Pratt & Whitney Rocketdyne is a unit of United Technologies Corporation (UTX).  In Phase I of the TBCC Mode Transition Demonstrator Program, Pratt & Whitney Rocketdyne will develop preliminary designs for a dual-mode ramjet combustor with related control and fuel system components.  El Al , Israel 's national airline, signed a five-year, $70 million extension agreement with jet engine maker Pratt & Whitney for engine maintenance and overhaul. The service is for PW4060 engines on El Al's Boeing 767s and 747-400s. The agreement includes management and overhaul of the engines with an option to extend the contract for up to five more years.  United Technologies Corp.'s Sikorsky Aircraft received ...

Jet engine maker Pratt & Whitney said it plans to eliminate 1,000 jobs in Connecticut by 2011, transferring engine repair work to the Southeastern state of Georgia and Asia in a cost-cutting initiative.

This subsidiary of United Technologies Corp. (UTX) will close down its Cheshire, Connecticut, plant by early 2011. From the second quarter of 2010, it will begin shifting some operations from the East Hartford facility to Columbus, Georgia, Singapore and Japan. Pratt & Whitney, which is suffering due to sagging demand from airlines, employs 35,000 workers worldwide, with 11,000 in Connecticut.

The company rejected an offer that the Machinists union valued at more than $80 million in wage and other concessions and a state plan proposing $100 million in economic assistance over five years. Pratt & Whitney has vastly scaled back operations in the state since the 1960s, when more than 20,000 workers were employed.

Pratt

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L-3 Communications Holdings Inc. (LLL) bagged a contract from the U.S. Special Operations Command for remotely piloted aircraft or drone support. The indefinite delivery, indefinite quantity contract with one base year and four option years is potentially worth up to $250 million. Work on the contract will be carried out in L-3's Geneva Aerospace unit in Carrollton, Texas.   The contract will boost the Specialized Products segment of L-3 Communications. Of late, the order backlog of the segment witnessed a steep decline. Funded backlog declined to $2.4 billion after the end of the first half of fiscal 2009 as compared to $3.1 billion in the year-ago period. Overall, L-3 Communications’ funded orders for the fiscal second quarter fell 20% to $3.3 billion, compared to $4.2 billion in the year-ago quarter. Funded backlog also decreased 3% to $11.2 billion, compared to $11.6 billion at Dec 31, 2008.   Based ...

L-3 Communications Holdings Inc. (LLL) yesterday won a contract from the U.S. Army to provide power generators for the Bradley Fighting Vehicle. The bid, whose financial terms were undisclosed, was awarded to the company’s Combat Propulsion Systems and Magnet Motors units. The company has already started work on the contract and expects to deliver the initial lot of 10 prototypes by the next two fiscal years. L-3 Communications’ power generators are expected to supply higher electrical power, thereby increasing the vehicles mission loads apart from upgrading integration options for high-capacity auxiliary loads. This order will boost the dwindling order backlog of the company, which in the second quarter of fiscal 2009 fell 20% year-over-year to $3.3 billion. Headquartered in New York, L-3 Communications is a leading provider of Intelligence, Surveillance and Reconnaissance (ISR) systems and products; secure communications systems; aircraft modernization, training and government services; and ...

The governor of Connecticut has offered $100 million worth of incentives to jet engine manufacturer Pratt & Whitney, a United Technologies Corporation (UTX) company, to prevent the possible loss of 1,000 jobs. The five-year plan includes lifting a cap on tax credits for the parent company, providing training assistance and establishing a job retention tax credit. It also includes investments in machinery and equipment and the building of an Engineering Center for Excellence for engineers at Pratt & Whitney and other aerospace companies. The state has joined hands with the International Association of Machinists, which represents 3,700 workers and has been negotiating with Pratt & Whitney for weeks in an attempt to retain existing jobs. The Machinists offered $63 million in annual cost reduction, including reduced overtime, to help save jobs. Pratt & Whitney has been affected by the steep decline in the commercial airline ...

Carrier Corp., a division of United Technologies Corp. (UTX), acquired StrionAir, a producer of proprietary air purification systems employing patented "capture and kill" technology. StrionAir developed and patented advanced electronic filtration methods and products, including the sole whole-house air purifier in the market validated by third-party tests to capture and kill airborne germs, viruses and mold.

StrionAir has been the provider of Carrier's residential Infinity Air Purifier since 2006, and has also developed, marketed and sold over 6,000 commercial systems. StrionAir is headquartered in Louisville, Colorado and was founded in 1997.

This acquisition will enable Carrier to incorporate Infinity Air Purifier into its products as well as provide an opportunity for accelerated product development for both residential and commercial applications.

Carrier has consistently been the leader in developing energy-efficient, environmentally sound solutions in home and building comfort and indoor air quality. Carrier, headquartered in Farmington, Connecticut, is the world's largest provider of

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