United Tech: Europe improving, military parts down

Print
Font Size:
Default font size
Larger font size

Posted: Tuesday, September 17, 2013 12:00 am

HARTFORD, Conn. (AP) - The chief financial officer of United Technologies Corp. says the European economy is beginning to recover, but the U.S. military is sharply cutting spare parts orders for subsidiary helicopter maker Sikorsky Aircraft Corp.

CFO Greg Hayes told investors and analysts Tuesday that Europe's economy has bottomed out from a "very low base."

In June, Hayes called Europe a drag, saying it was a little worse than expected in helping generate revenue. Net sales in Europe accounted for 26 percent of United Technologies' 2012 sales.

Hayes said military spare parts and service at Sikorsky are down 50 percent, due to automatic federal budget cuts imposed in March and reduced U.S. involvement in Afghanistan.

Sikorsky, based in Stratford, Conn., maker of the Black Hawk helicopter, has announced 400 job cuts this year.

© 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


loading...

SPOTLIGHT »

Inside Business
To submit an announcement for "Inside Business", click here. For questions call (402) 444-1371 or e-mail announcements@owh.com.

World-Herald Alerts

Want to get World-Herald stories sent directly to your home or work computer? Sign up for Omaha.com's News Alerts and you will receive e-mails with the day's top stories.