Forbes Magazine: "Pratt's 20 years developing geared turbofan technology has paid off with an engine that is way ahead of the competition. It is an amazing feat to have accomplished this with a manufacturing base concentrated in the high-wage,
high-tax state of Connecticut."
FARMINGTON: For more than two decades the news out of United Technologies Corp. (NYSE: UTX) headquarters has been pretty mixed. Connecticut employment at one time more than 25,000 dwindled to as little as 15,000 in the state until things started picking up two years ago and the company added 3,000 jobs.
The future in Connecticut looks a lot different today with the announcement by the company that thanks in part to the recent tax reform package, a major capital and employment expansion is on the horizon. Gregory J. Hayes, Chairman & CEO announced the company would be hiring 35,000 people and investing $15 billion in research and development and capital improvement across the company over the next five years.
As many as 7,000 of those hires, including 2,000 new positions will be in Connecticut.
The company stinging from criticism of employment issues at its Carrier division cited its commitment to US based employment.
Hayes said "Over the past three years, we have created more jobs in the U.S. than in the rest of the world combined. Our investments reflect our core belief that, similar to U.S. economic goals, United Technologies' continued success will be dependent on a highly-skilled workforce, world class manufacturing facilities, and workforce education programs that enable employees to improve their skills and remain competitive in an increasingly digital economy."
A company release quoted its CEO saying “federal tax reform, which slashed the corporate tax rate along with lower rates for individual taxpayers, means the U.S. now has the most competitive tax system in the world.”
The release added, “as a direct result [of tax reform], UTC intends to repatriate about $5 billion of cash tied to its overseas operations that will benefit from more favorable tax treatment at home.”
Most of the 35,000 job openings will result from workforce retirements or normal turnover, but that “several thousand positions” including the 2,000 in Connecticut would be net new jobs.