UTC Considering Options For Its Fuel Cell Business

HARTFORD, Conn. (AP) _ The chief executive of the industrial conglomerate United Technologies Corp. has hinted that its fuel cell business could be sold.

Louis Chenevert, CEO of the Hartford, Conn.-based parent company of aviation and building systems companies, told investment analysts on Tuesday that United Technologies is looking at what he called its “strategic options” at UTC Power.

He did not elaborate.

A spokesman said in a written statement that the company always evaluates business alternatives, but he also did not elaborate.

United Technologies is selling another energy business, Clipper Windpower, to help finance its $16.5 billion purchase of aviation parts manufacturer Goodrich Corp.

Chenevert said greater use of natural gas and weak renewable energy markets have pressured wind power.

He said the Goodrich purchase will close by late July.

United Technologies shares rose 87 cents to $74.57 in afternoon trading.

(Copyright 2012 by The Associated Press.  All Rights Reserved.)


Leave a Reply

Fill in your details below or click an icon to log in:

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

More From CBS Connecticut

The Latest UConn News
CT Business Spotlight

Listen Live