United Technologies to resume share buyback in '13

AP News
Posted: Sep 13, 2012 11:25 AM

HARTFORD, Conn. (AP) — The chief executive of United Technologies Corp. says share buybacks of $1 billion will resume in 2013, more than a year after repurchases were suspended as the conglomerate bought Goodrich Corp. for $18.4 billion.

CEO Louis Chenevert told investor analysts on Thursday he'd prefer a share buyback program of more than $2 billion, but the Hartford, Conn.-based company will hold the line on half that amount.

Chenevert said the parent company of jet engine maker Pratt & Whitney, Otis elevator, Sikorsky Aircraft and other aerospace and building systems companies will not make any more large purchases.

He said "big deals in my view are done."

Chenevert also said he expects two or three years of what he called a "hard environment" for business in Europe.