United Technologies is investing billions in research and development projects around the state and will construct a new Pratt & Whitney headquarters, keeping some 75,000 jobs in the state, UTC Chairman and CEO Louis Chenevert and Gov. Dannel Malloy announced in a news conference Wednesday.
The announcement $500 million in aerospace research, development and manufacturing and up to $4 billion in research and other capital expenditures in Connecticut, according to Malloy, who met with Chenevert today to discuss the agreement.
"This agreement secures the future of aerospace in Connecticut. It will open a bright new chapter for our aerospace businesses, for our thousands of local suppliers and for the people of Connecticut,” Chenevert said in a statement. “The investments announced today will enable UTC's aerospace businesses to continue to perform cutting-edge research and development in Connecticut and will provide exciting new opportunities for top engineering and science graduates - including the best and brightest from our state's colleges and universities."
Pratt & Whitney will construct a new corporate headquarters, which will remain in Connecticut for at least 15 years. Sikorsky headquarters will remain in-state for at least five years, Malloy said.
The technology giant also plans to create a customer training center at UTC Aerospace Systems in Windsor Locks and build new labs and infrastructure at the United Technologies Research Center in East Hartford.
UTC will additionally fund new research projects and capital investments at Pratt, UTC Aerospace Systems and the United Technologies Research Center.
“This is a once-in-a-generation opportunity, one that will make sure we are keeping and creating good-paying jobs with good benefits – not just in the UTC companies, but also in the hundreds of aerospace supply chain companies throughout the state and the region,” Malloy said in a statement. “UTC’s decision to invest now in new facilities in our state is a strong signal of their belief in Connecticut’s talented workforce, commitment to innovation, and determination to build a world-class business climate.”
According to a release from Malloy's office, the agreement will create almost 1,500 construction jobs. The state could reimburse UTC up to $400 million in unused tax credits to help fund the project.
"The agreement is great news for our state and our economy, and represents a turning point in Connecticut's status as a business-friendly state," said Speaker of the House Brendan Sharkey, a Democrat representing Hamden, in a statement. "UTC's impact reaches all corners of Connecticut as both a major employer and corporate citizen. Their history and importance to our state cannot be overstated, and their commitment to keeping Connecticut home is welcome news."
The above graphic, courtesy of Malloy's office, represents private vs. public investments in the UTC agreement announced today.