Hartford manufacturing conglomerate United Technologies Corp. has so far not been hurt by China’s efforts to cool its nation’s economy, as some of the company’s business units have continued to gain orders in the second quarter, Reuters reports, citing the company’s finance chief.
“We have not seen a slowdown,” Chief Financial Officer Greg Hayes told the Deutsche Bank Global Industrials and Materials conference that was monitored via webcast.
“In fact, Otis has actually seen accelerating orders in China in the second quarter, as has Fire & Security, and as has Carrier on the commercial side.”
UTC Fire & Security and Carrier are based in Farmington.
China’s economy expanded more than 10 percent last year, and that country’s leaders have imposed lending and investment curbs to try to cool the growth.
Hayes also said that while the diversified manufacturer is seeing sales improve, most of the company’s businesses, which include East Hartford-based Pratt & Whitney engines, Otis elevators and Carrier heating and air conditioning systems, have not yet seen their markets get back to the peak levels of 2008.
Hayes said overall sales at UTC could approach $57 billion this year, which would still be down from $59 billion in 2008.
“The trend in the business is recovery on the top line, but not recovered,” Hayes said.
