<PAGE>
FORM 11-K
ANNUAL REPORT PURSUANT TO SECTION 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Commission File Number 1-812
UNITED TECHNOLOGIES CORPORATION
EMPLOYEE SAVINGS PLAN
(Full title of the plan)
UNITED TECHNOLOGIES CORPORATION
United Technologies Building
One Financial Plaza
Hartford, Connecticut 06101
(Name of issuer of the securities held pursuant to
the plan and the address of its principal executive office)<PAGE>
<PAGE>
FINANCIAL STATEMENTS OF THE UNITED TECHNOLOGIES CORPORATION
EMPLOYEE SAVINGS PLAN
REPORT OF INDEPENDENT ACCOUNTANTS
To the Pension Administration
and Investment Committee of
United Technologies Corporation
and Members of the United Technologies
Corporation Employee Savings Plan
In our opinion, the accompanying statements of financial condition and the
related statement of income and changes in plan equity present fairly, in all
material respects, the financial position of the United Technologies Corporation
Employee Savings Plan at November 30, 1994 and 1993, and the results of its
operations and the changes in its plan equity for the year ended November 30,
1994, in conformity with generally accepted accounting principles. These
financial statements are the responsibility of the Plan Administrator; our
responsibility is to express an opinion on these financial statements based on
our audits. We conducted our audits of these statements in accordance with
generally accepted auditing standards which require that we plan and perform the
audit to obtain reasonable assurance about whether the financial statements are
free of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements,
assessing the accounting principles used and significant estimates made by
management, and evaluating the overall financial statement presentation. We
believe that our audits provide a reasonable basis for the opinion expressed
above.
PRICE WATERHOUSE LLP
Hartford, Connecticut
May 25, 1995<PAGE>
<PAGE>
<TABLE>
UNITED TECHNOLOGIES CORPORATION EMPLOYEE SAVINGS PLAN
Statement of Financial Condition
November 30, 1994
(Thousands of Dollars, except unit value)
<CAPTION>
UTC Funds
Income Fund Equity Fund Stock Fund ESOP Fund Global Fund Loan Fund Combined
<S> <C> <C> <C> <C> <C> <C> <C>
Assets:
Investments:
Beneficial interests in contract
issued by insurance companies, at
cost plus accrued interest $ 2,755,250 $ - $ - $ - $ - $ - $2,755,250
Beneficial interests in Bankers Trust
Company Pyramid Fixed Income Index
Fund, at market - - - - 22,172 - 22,172
Beneficial interests in Bankers Trust
Company Pyramid Equity Index Fund,
at market - 301,467 - - 24,378 - 325,845
Beneficial interests in Bankers Trust
Company Pyramid International
Securities Index Fund, at market - - - - 27,889 - 27,889
United Technologies Corporation Common
Stock, at market plus accrued
dividends ($989) - - 117,338 - - - 117,338
United Technologies Corporation ESOP
Preferred Stock, at guaranteed value - - - 887,045 - - 887,045
Participant loans, at cost plus
accrued interest - - - - - 51,036 51,036
Temporary investments, at cost plus
accrued interest 9 3 4,296 17 40 - 4,365
Total Investments 2,755,259 301,470 121,634 887,062 74,479 51,036 4,190,940
Contributions and fund and plan
transfers receivable 1,024 1,936 9,681 - 293 281 13,215
Accrued ESOP contribution receivable - - - 131,791 - - 131,791
Accrued dividends on ESOP Preferred
Stock - - - 14,589 - - 14,589
Total Assets 2,756,283 303,406 131,315 1,033,442 74,772 51,317 4,350,535
Less - Liabilities:
Contributions and fund and plan
transfers payable 9,812 - - - 1,684 - 11,496
Loans payable, net 2,916 719 740 - 173 198 4,746
Accrued interest on ESOP debt and
notes payable - - - 11,923 - - 11,923
ESOP debt - - - 552,600 - - 552,600
Notes payable to United Technologies
Corporation - - - 131,935 - - 131,935
Accrued investment purchases - - 430 - - - 430
Total Liabilities 12,728 719 1,170 696,458 1,857 198 713,130
Plan Equity $ 2,743,555 $ 302,687 $ 130,145 $ 336,984 $ 72,915 $ 51,119 $3,637,405
Units of participation 557,633,130 33,096,835 28,199,425 227,193,128 48,413,029 51,119,000
Unit value $ 4.92 $ 9.15 $ 4.62 $ 1.48 $ 1.51 $ 1.00
(See accompanying Notes to
Financial Statements)
</TABLE>
<PAGE>
<PAGE>
<TABLE>
UNITED TECHNOLOGIES CORPORATION EMPLOYEE SAVINGS PLAN
Statement of Financial Condition
November 30, 1993
(Thousands of Dollars, except unit value)
<CAPTION>
UTC Funds
Income Fund Equity Fund Stock Fund ESOP Fund Global Fund Loan Fund Combined
<S> <C> <C> <C> <C> <C> <C> <C>
Assets:
Investments:
Beneficial interests in contracts
issued by insurance companies, at
cost plus accrued interest $ 2,620,323 $ - $ - $ - $ - $ - $2,620,323
Beneficial interests in Bankers Trust
Company Pyramid Fixed Income Index
Fund, at market - - - - 14,829 - 14,829
Beneficial interests in Bankers Trust
Company Pyramid Equity Index Fund,
at market - 281,926 - - 18,878 - 300,804
Beneficial interests in Bankers Trust
Company Pyramid International
Securities Index Fund, at market - - - - 15,736 - 15,736
United Technologies Corporation Common
Stock, at market plus accrued
dividends ($843) - - 114,183 - - - 114,183
United Technologies Corporation ESOP
Preferred Stock, at guaranteed value - - - 809,895 - - 809,895
Participant loans, at cost plus
accrued interest - - - - - 48,636 48,636
Temporary investments, at cost plus
accrued interest 63 3 2,675 4,110 3,136 - 9,987
Total Investments 2,620,386 281,929 116,858 814,005 52,579 48,636 3,934,393
Contributions and fund and plan
transfers receivable 336 1,061 91 - 565 603 2,656
Accrued ESOP contribution receivable - - - 142,880 - - 142,880
Accrued dividends on ESOP Preferred
Stock - - - 13,291 - - 13,291
Accrued investment sales - - 882 - - - 882
Total Assets 2,620,722 282,990 117,831 970,176 53,144 49,239 4,094,102
Less - Liabilities:
Contributions and fund and plan
transfers payable 2,239 - 585 - - - 2,824
Loans payable, net 490 174 3 - 9 2,605 3,281
Accrued interest on ESOP debt and
note payable - - - 12,103 - - 12,103
ESOP debt - - - 586,500 - - 586,500
Note payable to United Technologies
Corporation - - - 98,933 - - 98,933
Total Liabilities 2,729 174 588 697,536 9 2,605 703,641
Plan Equity $ 2,617,993 $ 282,816 $ 117,243 $ 272,640 $ 53,135 $ 46,634 $3,390,461
Units of participation 572,460,112 31,296,082 24,763,454 197,765,611 36,657,462 46,634,000
Unit value $ 4.57 $ 9.04 $ 4.73 $ 1.38 $ 1.45 $ 1.00
(See accompanying Notes to
Financial Statements)
</TABLE>
<PAGE>
<PAGE>
<TABLE>
UNITED TECHNOLOGIES CORPORATION EMPLOYEE SAVINGS PLAN
Statement of Income and Changes in Plan Equity
Plan Year Ended November 30, 1994
(Thousands of Dollars)
<CAPTION>
UTC Funds
Income Fund Equity Fund Stock Fund ESOP Fund Global Fund Loan Fund Combined
<S> <C> <C> <C> <C> <C> <C> <C>
Contributions:
Members $ 101,511 $ 29,278 $ 6,558 $ - $ 8,922 $ - $ 146,269
Employer 223 33 3 66,754 12 - 67,025
Total Contributions 101,734 29,311 6,561 66,754 8,934 - 213,294
Investment Income:
Interest 195,679 7 167 124 33 3,445 199,455
Dividends - - 3,586 65,845 - - 69,431
Total Investment Income 195,679 7 3,753 65,969 33 3,445 268,886
Repayments on loans 17,634 4,089 1,104 - 1,007 (23,834) -
Unrealized depreciation of investments - (114,760) (6,879) - (696) - (122,335)
Gain on sale of investments - 118,333 - - 2,780 - 121,113
Deduct:
Distributions to members:
In cash 144,463 14,787 4,899 9,938 3,072 498 177,657
In shares of United Technologies
Corporation Common Stock - - 155 - - - 155
Loans to participants 19,050 3,743 1,363 - 1,227 (25,383) -
Interest expense - - - 55,645 - - 55,645
Earned and unapplied forfeitures 33 - 1 213 - - 247
Total Deductions 163,546 18,530 6,418 65,796 4,299 (24,885) 233,704
Inter-fund and inter-plan transfers (26,125) 1,421 14,781 (2,583) 12,021 (11) (496)
Transfer from other plans 186 - - - - - 186
Net Increase in Plan Equity 125,562 19,871 12,902 64,344 19,780 4,485 246,944
Plan Equity November 30, 1993 2,617,993 282,816 117,243 272,640 53,135 46,634 3,390,461
Plan Equity November 30, 1994 $2,743,555 $ 302,687 $ 130,145 $ 336,984 $ 72,915 $ 51,119 $3,637,405
(See accompanying Notes to
Financial Statements)
</TABLE>
<PAGE>
<PAGE>
UNITED TECHNOLOGIES CORPORATION EMPLOYEE SAVINGS PLAN
Notes to Financial Statements
NOTE 1 - DESCRIPTION OF THE PLAN
The United Technologies Corporation Employee Savings Plan (the Plan) is a
defined contribution savings plan sponsored by United Technologies Corporation
(United). Generally, non-represented employees in participating business units
of United are eligible to participate in the Plan after the employee has
completed one year of service. Below is a brief description of the Plan. More
complete information is provided in the plan document which is available from
the Plan sponsor.
Members may elect to contribute, through payroll deductions, between 2 and 16
percent of their total compensation. Under the Internal Revenue Code, members
whose annual earnings totaled no more than $64,245 could have elected to have
tax-deferred contributions made on their behalf of up to 16 percent during plan
year 1994 (subject to Internal Revenue Code limitations). This threshold, which
is adjusted annually for inflation, increased to $66,000 for plan year 1995.
Members whose earnings exceeded that amount could have elected to have tax-
deferred contributions in amounts up to 6 percent of compensation subject to
Internal Revenue Code non-discrimination tests and other limitations. Member
contributions are fully vested at all times under the Plan.
The employer will make contributions with respect to each member equal in amount
to 60 percent of the members contributions, up to specified limits. United has
established an Employee Stock Ownership Plan (ESOP) to fund United's match of
employee contributions. The ESOP Fund will be invested primarily in stock of
United and is currently invested primarily in United Series A ESOP Convertible
Preferred Stock, having a $4.80 dividend per annum (See Note 6). Employer
contributions may not be directed to an investment fund other than the ESOP Fund
except for members eligible for early retirement. Members who have reached at
least age 55 and have completed at least 10 years of continuous service may
direct that up to 50 percent, in multiples of 25 percent, of their ESOP account
balances and future employer contributions be invested in the other investment
funds offered through the Plan. Generally, employer contributions become fully
vested after two years of Plan participation.
All employee contributions are credited to a member account maintained by the
Plan Administrator. Contributions will be invested, pursuant to each member's
direction, in one or more of the following funds: the Income Fund, the Equity
Fund, the UTC Stock Fund, and the Global Fund. Members may elect to have 100
percent of their contributions invested in one investment fund or may allocate
the contributions in any whole percentage (effective January 1, 1994) among the
funds. Prior to January 1, 1994, allocations were made in multiples of 25
percent. Members are permitted to transfer their accounts between investment
funds once per quarter in any whole percentage (effective January 1, 1994).
Prior to January 1, 1994, transfers between investment funds were generally
performed in multiples of 10 percent.
The Income Fund is invested in contracts issued by five insurance companies
designated by the Pension Investment Committee. Under these contracts, each
insurance company guarantees repayment in full of the principal amount invested
plus interest credited at a fixed rate for a specified period. Interest is
credited to each contract based on an annual interest rate set each year by the
individual insurance carriers. This rate, which differs among contracts, takes
into account any difference between prior year credited interest and the actual
amount of investment earnings allocable to the contract in accordance with the
established allocation procedures of the insurance carrier. The weighted
average rate set for the 1994 calendar year was 7.5 percent.<PAGE>
<PAGE>
The Equity Fund may be invested in common or capital stocks of corporations,
bonds or securities convertible into such stocks, or shares of any federally
registered mutual fund or similar type of investment fund, including investment
in any commingled trust fund managed by the Trustee, Bankers Trust Company,
which is invested primarily in similar types of equity securities. During 1994
and 1993, the Equity Fund was invested principally in the Trustee's BT Pyramid
Equity Index Fund, which is a portfolio of common stocks replicating the
Standard & Poor's Composite Index of 500 stocks. Interest and dividends earned
by this investment are reinvested and increase market value.
The UTC Stock Fund consists principally of 1,988,738 and 1,831,759 shares of
Common Stock of United at November 30, 1994 and 1993, respectively.
The Global Fund will be invested in almost equal proportions in three different
funds managed by the Trustee: the BT Pyramid International Securities Index
Fund, the BT Pyramid Fixed Income Index Fund and the BT Pyramid Equity Index
Fund (as described above). The International Securities Index Fund invests in
four other international index funds managed by the Trustee. The Fixed Income
Index Fund invests primarily in obligations of the U.S. Government and its
agencies and other publicly traded, high-grade domestic debt instruments.
Interest and dividends earned by these investments are reinvested and increase
market value.
Members with at least two years of plan participation are allowed to borrow up
to 50 percent of their account balances (excluding the ESOP Fund). Loan amounts
can range from $1,000 to $50,000 and must be repaid in 5 years or less with
interest.
Forfeitures of employer contributions are used to reduce employer contributions;
earned but unapplied forfeitures will be applied against future employer
contributions and are shown separately in the Statement of Income and Changes in
Plan Equity.
Members who transfer to a new location of United which is covered by a different
savings plan have the option of transferring their account balances in
accordance with the provisions of the new savings plan, including available
investment funds.
Number of participants in the Plan at year end were as follows:
<TABLE><CAPTION>
November 30,
1994 1993
<S> <C> <C>
Income Fund 47,776 48,098
Equity Fund 18,625 15,503
UTC Stock Fund 10,673 6,488
ESOP Fund 41,998 43,033
Global Fund 7,235 4,379
</TABLE>
The participants above may have investments in more than one of the investment
funds.<PAGE>
<PAGE>
NOTE 2 - SUMMARY OF ACCOUNTING PRINCIPLES
United has entered into a master trust agreement with Bankers Trust (the
Trustee). Under this agreement, certain employee savings plans of United and
its subsidiaries combine their trust fund investments in the Master Trust.
Participating plans purchase units of participation in the investment funds
based on their monthly contribution to such funds and the unit value of the
applicable investment fund at the end of the month. The value of a unit in each
fund is determined at the end of each month by dividing the sum of uninvested
cash, accrued income and the current market value of investments by the total
number of outstanding units in such funds. The plans receive income from the
funds' investments which increase the unit values. Distributions reduce the
number of participation units held by the plans.
The investments of the Income Fund are valued at cost plus accrued interest.
The investments of the Equity Fund, the UTC Stock Fund, and the Global Fund are
valued at market as determined by the Trustee by reference to published market
data. The ESOP Preferred Stock is valued at its fair value, which is the higher
of the guaranteed value ($65) or the market value of United's Common Stock (See
Note 6).
The expenses of operating the Plan are payable out of the funds held under the
Plan, unless the employer elects to pay such expenses. The expenses for the
1994 plan year were paid by the employer.
The Plan is not subject to federal income tax as the Plan and its related trust
are considered by United to satisfy the qualification and exemption requirements
of Sections 401(a) and 501(a) of the Internal Revenue Code. United has received
a favorable determination letter (dated November 3, 1990) from the Internal
Revenue Service (IRS) to the effect that the ESOP portion of the Plan qualifies
under Sections 401(a) and 501(a) of the Code. United intends to apply for a new
determination letter from the IRS indicating that the other provisions of the
Plan, as amended since the date of the most recent IRS letter applicable to such
provisions (1986), continue to be tax exempt under Sections 401(a) and 501(a) of
the Code. Under these sections, contributions by United, employees (at their
election) and related earnings will be tax deferred until such amounts are
distributed. It is expected, given the lack of substantive plan amendments,
that a favorable determination will be issued from the IRS, and accordingly, no
provision is made for federal income taxes.<PAGE>
<PAGE>
NOTE 3 - INSURANCE CONTRACTS
The following is a summary of the insurance contracts held in the Master Trust
Income Fund and the portion allocable to the Plan:
<TABLE><CAPTION>
(Thousands of Dollars) November 30,
1994 1993
<S> <C> <C>
CIGNA $ 1,505,766 $ 1,409,243
Aetna 529,588 543,882
Travelers 449,496 455,988
Prudential 237,500 249,747
Metropolitan Life 437,048 328,543
$ 3,159,398 $ 2,987,403
Amount of the contracts allocable to the Plan $ 2,755,250 $ 2,620,323
</TABLE>
NOTE 4 - GAIN ON SALE OF INVESTMENTS
The Trustee uses the average cost method in determining the cost of securities
for purposes of calculating the gain or loss on the sale of securities. Gains
and losses of the Master Trust funds are allocated to the participating plans
based upon participation units at the month-end valuation date following the
sale. The gains recognized by the Master Trust funds and amounts allocable to
the Plan, for the Plan year November 30, 1994, are as follows:
<TABLE><CAPTION>
(Thousands of Dollars) Equity Fund Global Fund
<S> <C> <C>
Proceeds from sale of securities $ 397,600 $ 55,624
Cost basis of securities sold 253,925 52,706
Gain on sale $ 143,675 $ 2,918
Amount of the gain allocable to the Plan $ 118,333 $ 2,780
</TABLE>
NOTE 5 - REQUESTED DISTRIBUTIONS
The following is a summary of distributions requested by participants which had
not yet been paid at the respective plan year end:
<TABLE><CAPTION>
November 30, November 30,
1994 1993
(Thousands of Dollars) Dollars Units Dollars Units
<S> <C> <C> <C> <C>
Income Fund $ 23,243 4,725,942 $ 8,900 1,946,163
Equity Fund 2,158 235,984 972 107,542
UTC Stock Fund 725 156,983 312 65,841
Global Fund 450 298,768 187 129,034
Loan Fund 2,158 2,158,000 255 255,000
</TABLE>
These amounts are reflected as liabilities in the Plan's Form 5500.<PAGE>
<PAGE>
NOTE 6 - EMPLOYEE STOCK OWNERSHIP PLAN
In conjunction with the establishment of the ESOP, discussed above, United's
Board of Directors authorized 20,000,000 shares of preferred stock, par value
$1.00 per share designated as Series A ESOP Convertible Preferred Stock, having
an annual dividend of $4.80 per share. Each share of ESOP Preferred Stock is
convertible into one share of United's Common Stock. On June 30, 1989, the
Trustee acquired 10,153,847 shares of this new series of ESOP Preferred Stock at
an acquisition price of $65.00 per share and placed them in the Master Trust for
future allocation to participants. On March 30, 1990, the Trustee acquired an
additional 2,900,000 shares of this new series of ESOP Preferred Stock at an
acquisition price of $69.77 per share and placed them in the Master Trust for
future allocation to participants. On February 9, 1994, the Trustee acquired an
additional 1,400,000 shares of ESOP Preferred Stock at an acquisition price of
$70.22 per share and placed them in the Master Trust for future allocation to
participants. The ESOP financed the purchase of these shares with interest
bearing promissory notes. United shall contribute sufficient funds each year,
when combined with quarterly dividends on the ESOP Preferred Stock, will meet
the Trust's debt service requirements.
Participants in the ESOP Fund accrue on a monthly basis a beneficial interest
equal to the employer contributions at the rate of 60% of members' participating
contributions. This beneficial interest is represented by share equivalents of
ESOP Preferred Stock, as calculated monthly at the higher of the month end price
of United Common Stock or the $65.00 per share ESOP Preferred Stock guaranteed
value. ESOP Preferred Stock dividends, at the annual rate of $4.80 per share,
are attributed to these ESOP Preferred Stock share equivalents based on
participants' beneficial interests in such shares held as of the record dates
which are coincident with the payment dates. As of November 30, 1994 and 1993,
participants in the ESOP Fund had an aggregate beneficial interest in ESOP
Preferred Stock, net, and attributed dividends totaling approximately
$336,984,000 and $272,640,000, respectively. Shares of ESOP Preferred Stock
must be allocated to participants' accounts by the Trustee at least once per
Plan year, but are generally allocated on the last business day of each month.
Purchased shares of ESOP Preferred Stock are held by the Trustee with the number
of purchased shares allocated to each employee determined annually in accordance
with a method approved by the Internal Revenue Service. To the extent that
allocated shares are not sufficient to meet the matching requirement of the
Plan, United will contribute additional ESOP Preferred Stock, United Common
Stock or cash.
Shares allocated to employees generally may not be distributed until the
employee's termination, disability, retirement or death. Upon distribution,
shares of ESOP Preferred Stock must be converted into one share of United's
Common Stock or, if the value of the Common Stock is less than the guaranteed
value, the Trustee may require United to repurchase the ESOP Preferred Stock for
the guaranteed value.
The Trustee accounts for participants' beneficial interests in the ESOP Fund
based upon units of participation and related unit value (see Note 2).
The ESOP Preferred Stock is redeemable, in whole or in part, generally at the
option of United at a redemption price of $67.40 per share plus accrued and
unpaid dividends. The redemption price decreases annually until it reaches
$65.00. However, upon notice to the Trustee of United's intention to redeem, the
Trustee may elect to convert each ESOP preferred share into one share of United
Common Stock if the value of United's Common Stock exceeds the redemption price.
<PAGE>
<PAGE>
NOTE 7 - ESOP DEBT
On February 1, 1990, the Master Trust with United as guarantor executed a Note
and Guaranty Agreement to issue $660,000,000 of Series A, B, C and D notes
(described below) representing the ESOP's permanent financing. Interest is
payable quarterly on the 10th of March, June, September and December coincident
with the dividend payment date on the ESOP Preferred Stock. Principal payments
are payable annually on the 10th of December. The amounts outstanding under the
Agreement at November 30, 1994 are as follows:
<TABLE><CAPTION>
Principal Rate of
Note Series (000's) Interest Due
<S> <C> <C> <C>
A $ 216,000 7.24% 1999
B 286,600 7.68% 2008
C 17,300 7.68% 2008
D 32,700 7.68% 2009
$ 552,600
</TABLE>
Required payments on these Notes, in aggregate, for the next five plan years are
$35.1 million in 1995, $35.9 million in 1996, $36.3 million in 1997, $36.4
million in 1998, and $36.3 million in 1999.
NOTE 8 - PURCHASE OF SERIES A ESOP CONVERTIBLE PREFERRED SHARES
On February 9, 1994, the Trustee acquired an additional 1,400,000 shares of ESOP
Preferred Stock at an acquisition price of $70.22 per share and placed them in
the Master Trust for future allocation to participants. The ESOP financed the
purchase of these shares with a 6.75% $98.3 million promissory note issued to
United.
NOTE 9 - NOTES PAYABLE TO UNITED
The Notes Payable to United are promissory notes with interest payable quarterly
on the 10th of March, June, September and December coincident with the dividend
payment date on the ESOP Preferred Stock. Principal payments are generally
payable annually on the 10th of December. The current amounts outstanding under
the agreements at November 30, 1994 are as follows:
<TABLE><CAPTION>
Principal Rate of
Issue Date (000's) Interest Due
<S> <C> <C> <C>
March 30, 1990 $ 93,733 10.50% 2009
February 9, 1994 38,202 6.75% 2009
$ 131,935
</TABLE>
Required principal payments on the Note issued March 30, 1990 for the next five
plan years are $5.5 million in 1995, $4.5 million in 1996, $4.5 million in 1997,
$4.6 million in 1998, and $4.6 million 1999. Required principal payments on the
Note issued February 9, 1994 for the next five plan years are $2.4 million per
year.
<PAGE>
<PAGE>
NOTE 10 - PLAN AMENDMENTS
Effective January 1, 1994, the Plan permits transfers between investment funds
in any whole percentage. Prior to January 1, 1994, transfers between investment
accounts were generally made through increments of 10%.
Effective January 1, 1994, the Plan permits future allocation of investment fund
contributions in any whole percentage. Prior to January 1, 1994, investment
allocations were made in 25% increments.
Effective January 1, 1994, the Plan permits participants to receive an
installment distribution upon attaining age 55 with five years of service.
Prior to January 1, 1994, the Plan rules required age 55 with a minimum of 10
years of service.<PAGE>
<PAGE>
SIGNATURES
The Plan (or persons who administer the employee benefit plan), pursuant to the
requirements of the Securities Exchange Act of 1934, has duly caused this annual
report to be signed on its behalf by the undersigned hereunto duly authorized.
UNITED TECHNOLOGIES CORPORATION
EMPLOYEE SAVINGS PLAN
Dated: May 25, 1995 By: /s/ Daniel P. O'Connell
Daniel P. O'Connell
Corporate Director, Employee Benefits and Human
Resources Systems
United Technologies Corporation<PAGE>
<PAGE>
Exhibit 23
CONSENT OF INDEPENDENT ACCOUNTANTS
We hereby consent to the incorporation by reference in the Registration
Statement on Form S-8 (No. 33-26627) of United Technologies Corporation of our
report dated May 25, 1995 appearing in the United Technologies Corporation
Employee Savings Plan's Annual Report on Form 11-K for the year ended November
30, 1994.
PRICE WATERHOUSE LLP
Hartford, Connecticut
May 25, 1995<PAGE>
