About the business
United Technologies Corporation (UTX), or UTC, is a leading global provider of building technologies. UTC offers some products and services through UTC Building & Industrial Systems, a combination of two segments, Otis and UTC Climate, Controls & Security. These segments provide customers with a variety of products and solutions for their industrial businesses. The segments report their results separately and are formed by groups of similar operating companies.
Otis is the world’s largest elevator and escalator manufacturing, installation, and service company. It provides solutions for elevators and escalators from design, production, sales, and installation to upgrading, modernization, maintenance, and repair services.
The segment provides passenger and freight elevators for low-, medium-, and high-speed applications. It also has a broad line of escalators and moving walkways. The segment’s customers are primarily from commercial and residential property industries around the world.
About UTC Climate, Controls & Security
UTC Climate, Controls & Security is a global provider of various products such as heating, ventilating, and air conditioning (or HVAC) and refrigeration solutions. It also provides security and fire safety products and services, including intruder alarms, video surveillance systems, and access control systems.
UTC Climate, Controls & Security manufactures a wide range of fire safety products such as portable fire extinguishers, specialty hazard detection and fixed suppression products, life safety and fire detection systems, and other firefighting equipment.
The segment distributes Payne, Carrier, Totaline, and Bryant residential and light commercial HVAC products in the United States and in select territories in the Caribbean and Latin America. Its products are distributed through distributors. These distributors are incentivized by promotional pricing on products.
UTC makes up 3.76% of the iShares U.S. Industrials ETF (IYJ). Other companies included in IYJ are United Parcel Service (UPS), Accenture (ACN), and Danaher (DHR). These companies have 2.57%, 2.05%, and 1.93% holdings, respectively, in IYJ.
Next, we’ll take a look at the company’s UTC Aerospace Systems segment.