United Tech raises 3Q dividend 11.5 percent

AP News
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Posted: Jun 13, 2012 5:06 PM
United Tech raises 3Q dividend 11.5 percent

Industrial conglomerate United Technologies Corp. is increasing its third-quarter dividend to 53.5 cents per share.

The Hartford, Conn., parent company of jet engine manufacturer Pratt & Whitney, Otis elevator, Sikorsky Aircraft and other businesses, raised the dividend on Wednesday from 48 cents per share. The increase is the first since April 2011 and is effective July 5.

CEO Louis Chenevert (SHEN-eh-'vayr) says the company is confident that its pending $16.5 billion purchase of airline parts manufacturer Goodrich Corp. in Charlotte, N.C., and its strong presence in emerging markets will sustain its cash flow and yield long-term earnings growth.

The dividend will be payable Sept. 10 to shareowners of record at the close of business Aug. 17.