Business

February 8, 2013

UTC discloses $3.5 million in revenue for two overseas affiliates ending Iran business

United Technologies Corp. says two overseas affiliates earned $630,000 as the company ended business with Iran.

The aerospace and building systems conglomerate based in Hartford, Conn., disclosed in its annual report Feb. 7 that its non-U.S. affiliates generated $3.5 million in revenue ìrelated to the orderly winding down of legacy business related to sale of fire safety equipment.

United Technologies said it stopped new business with Iran in 2009.

It also said non-U.S. affiliates of its Otis subsidiary serviced, maintained and modernized elevators at Iranian diplomatic premises in France, Hungary and Kuwait last year. The Otis affiliates earned $6,000.

The U.S. imposed sanctions on Iranís Central Bank and other financial institutions to put pressure on the countryís nuclear program, which the U.S. and other nations fear aims to build nuclear weapons. AP




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