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UPDATE 1-United Technologies to record $870 mln in pretax charge in Q4

Published 2016-01-06, 08:00 a/m
© Reuters. UPDATE 1-United Technologies to record $870 mln in pretax charge in Q4
RTX
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Jan 6 (Reuters) - United Technologies Corp (N:UTX) UTX.N said its
Pratt & Whitney unit, which makes aircraft engines, would record
a pretax charge of about $870 million in the fourth quarter
ended Dec. 31.
The charge is related to a series of amendments to certain
research and development support arrangements Pratt & Whitney
had previously entered into with Canadian federal and
provincial government agencies, UTC said in a regulatory filing
on Wednesday.
UTC, the U.S. aerospace and building systems conglomerate,
said Pratt & Whitney Canada will make four annual payments to
the Canadian agencies in the form of royalties, commencing this
month, to settle its contractual obligations.
The four payments, including previously accrued amounts,
would total about $965 million, UTC said.

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