United Technologies Corp. is positioned to capitalize on strong growth potential in Asian markets and to make its mark in developing alternative energy sources, its chief executive said Tuesday, according to AP. George David, UTC's chairman and chief executive officer, said growth in China and its openness to foreign investments make it even more lucrative than India, which also is growing rapidly but limits some kinds of outside manufacturing investments. «India is 20 years behind China. We all agree on that today,» David said Tuesday, addressing guests at the Electrical Products Group annual spring conference in Longboat Key, Florida. «The question is whether India is going to become China, in a society that can't decide if it's open or closed,» he said. UTC, a Hartford-based conglomerate with sectors ranging from climate control to aircraft engines, also makes fuel cells and is researching technology to recapture energy that is lost during manufacturing and operations. «There's a lot of things coming, and I feel this is the megatrend to define UTC for the next 40 years,» said David, who spoke last week on that topic to a group of mayors gathered in New York City for a climate conference. David also reiterated his plans Tuesday to step down in April 2008 from the top spot, but said he will remain as board chairman to help in the transition to new leadership. Louis R. Chenevert, the company's president and chief operating officer, is second in line behind David although the company's board would have to vote on if, and when, Chenevert could move into the top spot. United Technologies reported a nearly 7 percent increase in first-quarter profits last month, citing double-digit growth at Otis and a strong comeback by Sikorsky after a strike last year. Otis was fined $295 million (¤219 million) by European regulators in February on charges of participating in a cartel with other elevator makers for the installation and maintenance of elevators and escalators in Belgium, Germany, Luxembourg and the Netherlands. The company took a net charge of 7 cents per share in the first quarter to satisfy the fine against the Otis subsidiary. Otis also saw its first-quarter orders jump by 27 percent, David said Tuesday. The company has said it expects 2007 per-share earnings of between $4.05 (¤3.01) and $4.20 (¤3.12), and that it expects yearly revenue to increase to more than $51 billion (¤37.9 billion), up 6.7 percent from $47.8 billion (¤35.5 billion) in 2006. United Technologies also is the parent company of jet engine manufacturer Pratt and Whitney, aerospace company Hamilton Sundstrand, heating and cooling product division Carrier and other businesses.
