United Tech to cut pension liabilities by $1.77 billion
United Technologies Corp, maker of Pratt & Whitney engines, said on Thursday it would cut the overall size of its pension liabilities by about $1.77 billion in 2016.
The company, which also makes Otis elevators, said it expected to incur a one-time pre-tax pension settlement charge of $400 million to $530 million in the fourth quarter.
United Technologies had future pension and post-retirement benefit obligations of $5.71 billion as of June 30.
The company said in a statement it would transfer management of its pension plans for about 36,000 retirees to a third-party as well as offer... read more
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