CORRECTED - UPDATE 2-United Tech to buy GE security arm for $1.82 bln

(Corrects spelling of United Technologies in paragraph 2. Error first occurred in update 1)

* Purchase price $1.82 billion

* United Tech says deal to add to earnings after 2010

* GE shares slightly lower (Adds details on unit size, background)

BOSTON, Nov 12 (Reuters) - Diversified U.S. manufacturer United Technologies Corp (UTX.N) said it will buy General Electric's (GE.N) security business for $1.82 billion in a move to expand the presence of the world's top maker of elevators and air conditioners in a fast-growing North American sector.

The purchase will be neutral to United Tech's 2010 earnings, after restructuring and transaction costs and will add to earnings in 2011 and beyond helped by cost cuts, United Technologies' Chief Executive Louis Chenevert said in a statement on Thursday.

The security business is on track to generate about $1.2 billion in revenue this year, according to a source briefed on the business who was not authorized to discuss that detail publicly.

GE Security, part of GE Technology Infrastructure, has about 4,700 employees in 26 countries. It sells equipment used in commercial and residential buildings to detect fires, break-ins and other security breaches.

GE, the largest U.S. conglomerate, is in the midst of a major streamlining, including exploring options for its NBC Universal media business and cutting back its GE Capital finance unit.