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32-471: Eaton Corporation acquired the Powerware company from Invensys in 2004, and after fully integrating the workforce into its Power Quality Services division, has continued to use the Powerware brand. This article about a United States company or corporation involved in the energy industry is a stub . You can help Misplaced Pages by expanding it . This United States manufacturing company–related article

64-583: A larger company, approaching the American industrial automation company Emerson Electric without any bid being made. During January 2014, Invensys was taken over by the French multinational Schneider Electric for a total consideration of $ 5.5 billion. Schneider opted to fully integrate the company and phased out the "Invensys" brand in favour of its own. Invensys was formed through the merger of BTR plc and Siebe plc in 1999. Between 1999 and 2004, it underwent

96-405: A major restructuring programme involving thousands of redundancies to cut its costs amid falling sales and a sizeable debt burden that allegedly posed the possibility of the company going bankrupt . A major disposal programme combined with a £2.7bn debt restructuring during 2004 saved Invensys from collapse. It was under this strategy that The Baan Corporation , which it purchased in 2000 amid

128-529: A substantial offer to obtain a stake in Invensys. The two companies had previously signed licensing agreements that led to Invensys Rail Group's signalling products being locally produced in China as well as to jointly sell those products to China's expansive mass transit market. During July 2013, it was announced that Invensys was set to be taken over by Schneider Electric, one of the firm's long term competitors, for

160-410: A total consideration of £3.4 billion. The deal was noted to likely involve job losses as Schneider revealed plans to make cost savings of around €140m (£122m) per year. Reports claimed that the American engineering conglomerate General Electric was planning to issue its own £3.5 billion ($ 5.3 billion) counterbid for control of Invensys. The takeover was completed on 17 January 2014 and Invensys

192-456: Is a stub . You can help Misplaced Pages by expanding it . Invensys Invensys Limited was a multinational engineering and information technology company headquartered in London, United Kingdom. At its height, the company had offices in more than 50 countries and its products were sold in around 180 countries. Invensys was formed in 1999 through the merger of BTR plc and Siebe plc . It

224-804: Is a provider of energy management and data monitoring services. IMServ was previously part of Invensys Controls. SimSci provides applications that help improve asset performance and utilisation with integrated simulation, optimisation, training, and process control software and services. Skelta BPM is a product for business process management . Triconex provides safety and critical control systems used in applications including emergency shutdown , burner management, fire and gas and turbomachinery control and protection. Wonderware provides software products to address production operations, production performance, manufacturing intelligence, business process management and collaboration. United Technologies United Technologies Corporation ( UTC )

256-539: Is moving manufacturing to Mexico: "The best way to stay competitive and protect the business for long-term is to move production from our facility in Indianapolis to Monterrey, Mexico. " In December, Carrier agreed to keep the Indianapolis plant open, keeping 700 jobs in Indianapolis. The plant in Huntington, Indiana would still close their doors, leaving 700 employees jobless. In June 2019, United Technologies announced

288-678: The China Friendship Foundation for Peace and Development , a united front organization under the control of the Chinese People's Association for Friendship with Foreign Countries . Researchers at the University of Massachusetts Amherst have identified UTC. as the 38th-largest corporate producer of air pollution in the United States as of 2008. UTC released roughly 110,000 pounds (50,000 kg) of toxic chemicals annually into

320-735: The Elmira-Corning Regional Airport in Big Flats, New York . In March 2008, UTC made a $ 2.63 billion bid to acquire Diebold , a Canton, Ohio based manufacturer of banking and voting machines. Diebold rejected the buyout bid as inadequate. In April 2010, UTC announced that it was investing €15 million ($ 20 million) to set up the United Technologies Research Centre Ireland at University College Cork ’s Tyndall National Institute which will carry out research on energy and security systems. In June 2012, it

352-412: The dotcom bubble for €762 million, was sold three years later for only US$ 135 million. Several other elements, such as Fasco motors and Eurotherm Drives, were also divested to refinance the company. During May 2005, following the completion of the refinancing effort, Rick Haythornthwaite resigned his position as Invensys' chief executive, his position was filled by Ulf Henriksson. In May 2006,

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384-534: The 1970s and 1980s was higher-stakes and arguably unfocused. Rather than aviation being the central theme of UTC businesses, high tech (of any type) was the new theme. Some Wall Street watchers questioned the true value of M&A at almost any price, seemingly for its own sake. Mostek was sold in 1985 to the French electronics company Thomson . In 2007, UTC opened the Hawk Works, a Rapid Prototyping and Military Derivatives Completion Center (RPMDCC) located west of

416-482: The French multinational Schneider Electric announced that it would acquire Invensys Building Systems (IBS) operations in both North America and Asia in exchange for $ 296 million. During December 2007, Invensys arranged to sell its Firex Safety Division to United Technologies . That year, the company opted to expand its presence in Indonesia . In late 2009, as part of an effort to align its various brands and names in

448-631: The U.S. government. In April 2020, UTC merged with the Raytheon Company to form Raytheon Technologies, later renamed RTX Corporation . In 1974, Harry Jack Gray left Litton Industries to become the CEO of United Aircraft. He pursued a strategy of growth and diversification, changing the parent corporation's name to United Technologies Corporation (UTC) in 1975 to reflect the intent to diversify into numerous high tech fields beyond aerospace. (The change became official on May 1, 1975.) The diversification

480-460: The board of directors (chairperson) position went to Louis Chênevert, then the company's CEO, in January 2010, succeeding George David. For the fiscal year 2017, United Technologies reported earnings of US$ 4.552 billion, with an annual revenue of US$ 59.837 billion, an increase of 4.5% over the previous fiscal cycle. United Technologies shares traded at over $ 114 per share, and its market capitalization

512-533: The funds were contributed to Republicans, 35% percent to Democrats; In 2005, the firm was among 53 entities that contributed the maximum of $ 250,000 to the second inauguration of President George W. Bush . In 1981, a contribution from UTC made possible the exhibition "Paris/Magnum: Photographs 1935–1981", featuring photographs of Paris taken by photographers of Magnum Photos , the agency founded in 1947 by Robert Capa , George Rodger , Henri Cartier-Bresson , William Vandivert , and David Seymour . A volume of

544-469: The intention to merge with defense contractor Raytheon to form Raytheon Technologies Corporation. The combined company, valued at more than $ 100 billion after planned spinoffs, would be the world's second-largest aerospace-and-defense company by sales behind Boeing. Although UTC was the nominal survivor, the merged company was headquartered at legacy Raytheon's former base in Waltham, Massachusetts . The merger

576-425: The majority of which being used to address a deficit in its company pension scheme. In 2012, Invensys held discussions with the American industrial automation company Emerson Electric on a prospective takeover, although Emerson never issued any firm approach. That same year, the company's management team was compelled to issue a denial of a comment made by Henriksson that he expected China Southern Rail to make

608-500: The rail and power generation sectors. Between 2011 and early 2012, the company's share price dropped by almost 50%, the devaluation being largely attributed to a £40 million expense associated with delays in the production of control and safety systems for eight Chinese nuclear reactors . On 2 May 2013, Invensys sold off its Wiltshire-based rail division to the German engineering conglomerate Siemens in exchange for £1.7 billion,

640-539: The railway sector together, Westinghouse Rail Systems was renamed Invensys Rail . At the time, Invensys Rail was one of a handful of companies that produced equipment compatible with the new European Rail Traffic Management System (ERTMS). During 2011 alone, deals cumulatively valued at £700 million were secured by Invensys Rail from numerous organisations such as Network Rail and Obrascón Huarte Lain for its signalling products. In March 2011, Wayne Edmunds, who had been Invensys' chief financial officer since 2009,

672-595: The railway sector, which it opted to align under the Invensys Rail brand. Invensys Rail was ultimately sold to the German engineering conglomerate Siemens in exchange for £1.7 billion in May 2013. Between 2011 and early 2012, the company's share price fell by nearly 50%, which was attributed to a £40 million expense from the delayed production of control and safety systems for eight Chinese nuclear reactors . In response, Invensys began openingly seeking to be acquired by

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704-572: The same title, with text by Irwin Shaw and an introduction by Inge Morath , was also published in 1981. UTC is the sponsor of the exhibition "Aphrodite and the Gods of Love" at Boston's Museum of Fine Arts that opened in fall 2011. The firm and its subsidiaries are major contributors to museums such as the New England Air Museum . In April 2015, UTC signed an education partnership agreement with

736-448: Was a white knight move against hostile takeover designs by Gould . At one point, the military portion of UTC's business, whose sensitivity to "excess profits" and boom/bust demand drove UTC to diversify away from it, actually carried the weight of losses incurred by the commercial M&A side of the business. Although M&A activity was not new to United Aircraft, the M&;A activity of

768-463: Was an American multinational conglomerate headquartered in Farmington, Connecticut . It researched, developed, and manufactured products in numerous areas, including aircraft engines , aerospace systems, HVAC , elevators and escalators , fire and security , building automation, and industrial products, among others. UTC was also a large military contractor, getting about 10% of its revenue from

800-485: Was appointed Chief Executive, replacing Ulf Henriksson. According to The Financial Times , Henriksson, who had been Invensys's Chief Executive since 2005, had had differences with chairman Nigel Rudd over the company's management, in spite of the return to financial health under Henriksson. During the late 2000s and early 2010s, Invensys became increasingly involved in the Chinese market across various sectors, including

832-528: Was completed in April 2020. In March 2020, United Technologies Corporation announced the separations of Carrier Global and Otis Worldwide . In April 2008, Louis Chênevert succeeded George David as the company's chief executive officer (CEO). Chênevert served until 2014, when he was succeeded by Gregory Hayes . The chief financial officer 's (CFO) position was held by Gregory Hayes until 2014, when he succeeded Louis Chênevert as CEO. The chairman of

864-789: Was declared to have been fully integrated by Schneider seven months later. Invensys was organised into four main segments: Software, Industrial Automation, Energy Controls and Appliance. Avantis Enterprise Asset Management provides maintenance repair and operations including maintenance management, spares and inventory management, condition monitoring and procurement. Eurotherm is a supplier of control measurement and data recording to industrial and process consumers. Foxboro Company provides control systems addressing distributed and plant operations as well as measurement and instrument systems. Instruments include Pressure Transmitters, Coriolis Flow Meters, Valve Positioners, Buoyancy Level Transmitters and Temperature Transmitters. IMServ Europe

896-606: Was discovered that UTC sold military technology to the Chinese. For pleading guilty to violating the Arms Export Control Act and making false statements, United Technologies and its subsidiaries were fined $ 75 million. In February 2013, UTC Power was sold to ClearEdge Power . In October 2014, Toshiba and United Technologies made a deal to expand their joint venture outside Japan . In February 2016, UTC subsidiary Carrier Air Conditioner announced to employees at its Indianapolis and Huntington plants, that Carrier

928-466: Was in financial hardship, in part due to having overpaid for acquisitions such as the Baan Corporation at the height of the dotcom bubble and having accumulated a heavy debt burden. Through several divestments and a major restructuring, the company's fiscal situation had improved by 2005, allowing the pace of acquisitions to pick up. Considerable business was being obtained by its various products in

960-484: Was originally founded on 1 April 1920 as Siebe Gorman & Company Ltd and continued through various name changes registered at Companies House from that date. Invensys lines of business were grouped into four segments: Software, Industrial Automation, Energy Controls and Appliance. Its brands included Avantis, Eurotherm , Foxboro, IMServ, InFusion, Triconex , SimSci, Skelta, Wonderware , Drayton, Eberle, Eliwell. Less than three years after its establishment, Invensys

992-504: Was partially to balance civilian business against any overreliance on military business. UTC became a mergers and acquisitions (M&A)–focused organization, with various forced takeovers of unwilling smaller corporations. The next year (1976), UTC forcibly acquired Otis Elevator . In 1979, Carrier Refrigeration and Mostek were acquired; the Carrier deal was forcible, while the Mostek deal

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1024-499: Was valued at US$ 98.6 billion in October 2018. UTC ranked No. 51 in the 2018 Fortune 500 list of the largest United States corporations by total revenue. During the 2004 election cycle , UTC was the sixth largest defense industry donor to political campaigns, contributing a total of $ 789,561; 64% went to Republicans. In the 2006 election cycle , UTC was again the sixth largest donor to federal candidates and political parties; 53% of

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