HARTFORD, Conn. -- United Technologies Corp. (NYSE:UTX) Board of Directors today authorized a share repurchase program for up to 60 million shares of the company's common stock worth approximately $4.3 billion at current prices. The new authorization replaces a previous program, approved in June 2008, which was nearing completion.
The company repurchased $1.1 billion of its shares during 2009 and expects 2010 repurchases to total $1.5 billion.
United Technologies, based in Hartford, Conn., is a diversified company providing high technology products and services to the global aerospace and building industries.
This release contains forward looking statements concerning anticipated share repurchases. Actual repurchases may differ materially from those projected due to a number of uncertainties. The timing and total amount of share repurchases will depend on market conditions, the level of UTC's cash balances, alternative investment opportunities and legal restrictions on the timing of repurchases. Share repurchases may be suspended or discontinued at any time. Additional uncertainties include those described in reports filed by UTC from time to time with the Securities and Exchange Commission, copies of which are available at www.utc.com.