Thursday, June 12, 2008

United Technologies board OKs $4B stock buyback plan

By Mass High Tech Staff

The board of directors of industrial giant United Technologies Corp. has approved a company plan to repurchase up to 60 million shares of the company’s common stock worth approximately $4 billion at current prices.

According to officials at Hartford, Conn.-based United Technologies (NYSE: UTX) the new program replaces one that was approved in December 2006, which was nearing completion and has already resulted in the repurchase of $2 billion of United Technologies shares during 2007.

The company says it expects repurchases in 2008 to total $2 billion.

Across its six operating segments, United Technologies (NYSE: UTX) employs more than 225,000 people worldwide. It reported $55 billion in revenue in 2007, with a net profit of $4.2 billion.