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UNITED TECHNOLOGIES CORPORATION4
with more integrated propulsion and systems oerings.
The anticipated integration of Goodrich into the new
organizational structure will bring greater benefits,
including increased opportunities for more highly
integrated products and services for our customers,
and additional cost synergies through leveraging a
common supply base and low-cost source initiatives.
On the commercial side, the UTC Climate, Controls
& Security organization consolidates the Carrier and
UTC Fire & Security business units. This new organiza-
tion creates a strategic growth platform that will better
serve customers, increase field productivity and take full
advantage of product-line synergies. The new structure
also positions UTC to respond to a growing demand,
especially in emerging markets, for more integrated
solutions, including advanced building controls, climate
systems, and enterprise fire and security systems. As
the global economy recovers, and more skyscrapers,
schools, airports, hospitals and stadiums are built in
developing markets such as India, China and Brazil
over the next decade, the increased interoperability
of building systems will provide our global customers
with better building management, eciency and safety.
There were many notable successes across United
Technologies in 2011. Among them was the commercial
success of the Geared Turbofan engine with both exist-
ing and new customers. To date, Pratt & Whitney has
received orders for more than 2,000 PurePower Geared
Turbofan engines, including options, while successfully
completing more than 1,500 hours of full engine testing,
validating the expected improvements in fuel burn, emis-
sions and noise. We anticipate continued market success
for the Geared Turbofan engine in the years ahead as air
travel between new and existing cities grows, and our
aerospace customers seek quieter, cleaner and more
fuel-ecient solutions.
United Technologies continues to receive outstanding
third-party recognition for our performance. We were
honored that TIME magazine recognized the Geared
Turbofan engine as the most important development
in aviation in 2011. We are also proud that in March 2011
Sikorsky’s X2 Technology demonstrator was awarded
the prestigious Collier Trophy.
On the military side, Pratt & Whitney’s F135 engine for the
Joint Strike Fighter (JSF) met or exceeded all performance
and cost targets and achieved significant new milestones
in 2011, including supporting flawless sea trials of the short
takeo and vertical landing (STOVL) variant aboard the
USS Wasp. The outstanding performance of the F135 vali-
dates the decision of the U.S. Congress and Department of
Defense to eliminate funding for an extra engine, choosing
the F135 as the sole engine for the JSF.
In closing, 2011 was a year of positioning UTC for long-
term earnings growth. We announced transformational
acquisitions in our core businesses, and we are aligning
our organizational structure to capitalize on emerging and
growth markets. We also remain focused on productivity
and improved our operational performance by driving
ACE in our own facilities and in our supply chain. We
delivered strong earnings growth and cash performance,
and we raised our dividend. Simply put, 2011 was a very
solid year for UTC.
As always, UTC’s outstanding performance over the past
year reflects the dedication and commitment of UTC’s
senior management team and our 200,000 employees
around the world. On behalf of our shareowners, I thank
our employees for their many contributions and for making
United Technologies a truly amazing company.
I also thank our customers for the confidence and trust
they have placed in us. We recognize that our future
success depends on our ability to find better, faster and
more ecient ways to deliver value. I’m confident we can
do this and outperform peers in the years ahead. I know
we will experience many more amazing successes and
continue to develop innovative products that transform
modern life — and perform as impressively as the
United Technologies employees who make them.
Louis R. Chênevert
Chairman & Chief Executive Ocer