United Technologies Sees No Immediate Impact Occurring From Brexit

By Woodrow Bellamy III  | June 27, 2016
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[Avionics Magazine 06-27-2016] United Technologies Corp. (UTC) President and CEO Gregory Hayes said the aerospace and defense manufacturer does not expect to see any immediate impact from the vote last week by the U.K. to exit the European Union (EU). 
"The process of the U.K.’s withdrawal from the EU will take time and we do not believe it will impact our businesses in the near term, said Hayes. "UTC remains committed to our businesses and their more than 8,000 employees in the U.K."
The UTC executives comments come as different segments of the aviation industry continue to assess and predict what the outcome will be on travel to the U.K., trade negotiations, currency exchange rates and more, and how that will impact business and operations. 
"We are hopeful that the separation process will be carried out in a manner that minimizes disruption and economic impact,” Hayes said. "We believe that the current benefits of a free and open trading zone will largely remain at the conclusion of this process. As a globally diversified company, we are well equipped to manage these types of uncertainties."

The company, whose 2015 sales in the U.K. were approximately $2 billion and represented less than 4 percent of overall sales, also reaffirmed its 2016 outlook for adjusted EPS of $6.30 to $6.60 on sales of $56 billion to $58 billion and organic sales growth of 1 percent to 3 percent. 

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