United Technologies to invest USD15 billion in the U.S

United Technologies to invest USD15 billion in the U.S

United Technologies said it plans to hire 35,000 people and make investments of more than USD15 billion in research and development (R&D) and capital expenditures (CapEx) in the United States over the next five years (2018-2022).

With this announcement, the company also launched a dedicated site to highlight its investments in the U.S.

United Technologies confirmed that it will be investing USD15 billion in R&D and CapEx projects in the U.S. over the next five years. About USD9 billion of that investment is expected to go towards R&D that will include initiatives to accelerate the firm’s digital strategy.

The strategy is focused on transforming service capabilities, improving the customer experience with intelligent products, driving optimization through smart factory adoption, and developing connected products that enable real-time health monitoring capabilities. It will also include work on next-generation additive manufacturing, artificial intelligence and autonomy, hybrid-electric, cybersecurity and the advancement of high-temperature materials.

The remaining USD6 billion is expected to go towards CapEx initiatives that will drive innovation across existing U.S. manufacturing facilities to increase capacity and improve quality and efficiency.

“United Technologies is growing globally and growing the fastest in the United States,” said Gregory J. Hayes, Chairman & CEO, United Technologies Corporation. “Over the past three years, we have created more jobs in the U.S. than in the rest of the world combined.”

“Our investments reflect our core belief that, similar to U.S. economic goals, United Technologies’ continued success will be dependent on a highly-skilled workforce, world class manufacturing facilities, and workforce education programs that enable employees to improve their skills and remain competitive in an increasingly digital economy.”

The company’s investments will create additional capacity to better serve United Technologies’ customers in the aerospace and commercial building industries, which are benefitting from the mega-trends of rapid urbanization, a growing middle class, and the growth of commercial air travel.

“We are excited about our significant employment opportunities and investments as more people globally have the buying power and desire to live in cities and to fly commercially, and the expectation of living and working in smart buildings that make modern life possible,” said Hayes.