United Technologies Inks Deal with Firth Rixson
Diversified business conglomerate United Technologies Corp (UTX) recently inked a 10-year deal worth over $1 billion with Firth Rixson, a global supplier of aero engine rolled rings. Per the agreement, Firth Rixson will supply engine and system components for Pratt & Whitney and UTC Aerospace Systems – two operating segment of United Technologies.
This agreement is a strategic fit as the company is preparing for a major ramp up in commercial and military production on a global scale. Firth Rixson will provide key parts to Pratt & Whitney's PurePower engine family, UTC Aerospace Systems Boeing 787 and Airbus A320 programs.
Leveraging on its excellence, Firth Rixson was able to secure the long-term agreement for being the preferred supplier of United Technologies. Along with the agreements with suppliers, UTC Aerospace Systems aims to invest in smart technologies, introduce new capabilities and improve efficiency and at the same time deliver quality products to its customers.
With stiff competitive pressures in the aviation industry, UTC Aerospace Systems aims to address customer needs and build long-term relationships with clients by continually developing innovative state-of-the-art products.
Based in Hartford, CT, its parent company United Technologies provides high-end technology products and services to the building systems and aerospace industries worldwide. This diversified business conglomerate serves various end markets such as aerospace, defense and commercial construction. The business diversification allows the company to remain profitable during tough economic times.
United Technologies currently has a Zacks Rank #2 (Buy). Other stocks that look promising and are worth a look include Noble Group Ltd. (NOBGY), carrying a Zacks Rank #1 (Strong Buy), and CLARCOR Inc. (CLC) and Macquarie Infrastructure Co. LLC (MIC), both carrying a Zacks Rank #2 (Buy).
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