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UTC Discloses Asbestos Lawsuits
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Business New Haven
2/17/2003
By: BNH
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HARTFORD - United Technologies Corp. has revealed that the company or its divisions have been named in about 850 asbestos-related lawsuits. The disclosure, in filings with the U.S. Securities & Exchange Commission, came to light on February 12, contributing to a $2.12-per-share slide in its stock price to close at $60.50 on a bad day for the market overall.
The company, whose divisions include Carrier Corp., Otis Elevators and Pratt & Whitney, said about 16,000 individuals are claiming injury from asbestos exposure related to its products. More than 13,000 of those claims are part of seven large lawsuits filed or amended in Mississippi courts last year, the company said in the filing. The company said it is one of more than 200 defendants and doesn't see a "material" cost from the lawsuits.
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