Fredrick Rentschler, the President of United Aircraft & Transportation Corporation, alongside his deputy, George Mead, formed a Research Division of the company in 1929. In 1934, the Research Division of United Aircraft & Transportation Corporation incorporated as United Aircraft Company. The company grew through acquisitions and in 1974, Harry Gray, the then CEO, changed the name to United Technologies Corporation. The name change came due to the need for the management to reflect the diversification strategy adopted by the company.
United Technologies Corporation deals with research and development of aircraft engines for civilian and military uses. Other products developed by UTC include fire and security equipment, industrial products, and HVAC escalators and elevators. In addition, UTC is a military contractor where it produces military aircraft systems and missiles.
UTC is a multinational company, and it is headquartered in Farmington, Connecticut. The company trades on the NYSE as UTX. The stock is part of the Dow Jones Industrial Average component as well as S&P 100 and S&P 500.