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.
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