May 23, 2018 / 1:47 PM / 5 months ago

United Tech to invest $15 billion in U.S. over next five years

(Reuters) - United Technologies Corp said on Wednesday it would invest more than $15 billion for research and development and capacity expansion in the United States over the next five years, spurred by the recent tax cuts.

FILE PHOTO: United Technologies logo is displayed on a screen at the post where it's stock is traded on the floor of the New York Stock Exchange (NYSE) in New York, U.S., September 5, 2017. REUTERS/Brendan McDermid/File Photo

The company also plans to hire 35,000 people in this period and spend about $75 billion with U.S. suppliers to strengthen local economies.

The maker of Pratt & Whitney aircraft engines said about $9 billion of the investment is expected to go towards research and development, including on artificial intelligence and autonomy.

The remaining $6 billion will be used to increase capacity in existing manufacturing facilities and improve efficiency.

The announcement comes at a time when the company is facing pressures from activist shareholders who believe that a breakup into three businesses could unlock $20 billion in value.

Reporting by Sanjana Shivdas in Bengaluru; Editing by Sai Sachin Ravikumar and Arun Koyyur

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