As United Technologies Corp.’s chief financial officer in 2010, Gregory Hayes famously told Wall Street analysts that “Anyplace outside of Connecticut is low-cost,” as part of a declaration to potentially move more of the Farmington-based conglomerate’s operations to lower-cost destinations.
Those words reverberated loudly among Connecticut’s political and business leaders, as many wondered what UTC’s future in Connecticut might look like.
Today, UTC no longer exists and its corporate headquarters is now in Massachusetts, following the company’s recently completed $180-billion mega-merger with defense giant Raytheon.
Hayes is now CEO of the new Raytheon Technologies Corp., an aerospace and defense powerhouse. The combined company’s headquarters is in Waltham, Mass., meaning Hayes from afar will be making future decisions about the company’s Connecticut presence, which still remains strong with thousands of workers.
Hayes has completely transformed UTC in recent years, building up its aerospace and defense business through various acquisitions and spinning off its Otis Elevator and Carrier Corp. subsidiaries.
In 2014, Hayes softened his stance on the state, especially after the Malloy administration gave his company a $400-million incentive deal in exchange for UTC investing in its Connecticut facilities.
Now all eyes are on how Hayes will manage his new company and its Connecticut presence in the years ahead.