January 24, 2018 / 11:41 AM / in a year

United Tech to quickly repatriate $2 bln under new tax law -CFO

NEW YORK, Jan 24 (Reuters) - United Technologies Corp expects to quickly repatriate $2 billion in overseas cash under new U.S. tax laws, Chief Financial Officer Akhil Johri told Reuters on Wednesday.

The maker of Pratt & Whitney aircraft engines, Otis elevators and Carrier air conditioners said it will use the cash to reduce borrowing for its acquisition of avionics and seating supplier Rockwell Collins, and to pay down debt on that purchase faster than it would have otherwise, Johri said in an interview as the company released fourth-quarter earnings. (Reporting by Alwyn Scott; editing by Jason Neely)

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