CEO Gregory Hayes, who took charge when Louis Chenevert abruptly departed in late 2014, shrewdly unloaded helicopter-maker Sikorsky to Lockheed Martin in November 2015 for $9 billion, just before the oil slump pummeled sales for offshore platforms served by commercial choppers. The drop in UTC’s share price early this year triggered a $90 billion takeover bid from Honeywell. Hayes rebuffed Honeywell, and his three-year, $1.5 billion cost-cutting plan has helped revive UTC’s stock. The slowdown in China is curbing revenues at the UTC’s Otis unit. But sales of jet engine parts at Pratt & Whitney, a high-margin business, are thriving. And UTC’s innovative, super-energy-efficient Geared Turbofan engine is taking flight on the new Airbus A320neo. On the political front, UTC is drawing flak from Donald Trump for announcing plans to shutter two HVAC plants in Indiana, and moving production to Mexico.
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He included GM in his criticism of companies that move jobs to Mexico.