March 10, 2016 / 8:45 PM / 4 years ago

United Tech says Middle East orders slow due to low oil prices

NEW YORK, March 10 (Reuters) - United Technologies Corp said on Thursday that slowing orders for climate controls, elevators and other products in the Middle East due to low oil prices had prompted it to scale back some revenue forecasts for the year.

The company said the sales slowdown affected heating, ventilation and air conditioning systems, fire systems, elevators and escalators, and was coming from countries across the region.

“It’s pretty widespread,” said Bob McDonough, president of the company’s climate controls and security business. “Things have just really frozen up in terms of the availability of funds.”

Some customers are delaying taking delivery of products they have already ordered, he said. There are numerous deals in the pipeline, he added. “But those turning into orders has just stalled out.” (Reporting by Alwyn Scott; Editing by Meredith Mazzilli)

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