<PAGE>
FORM 11-K
ANNUAL REPORT PURSUANT TO SECTION 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the Plan period ended December 31, 1997
Commission File Number 1-812
UNITED TECHNOLOGIES CORPORATION
DEFINED CONTRIBUTION RETIREMENT PLAN
(Full title of the plan)
UNITED TECHNOLOGIES CORPORATION
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
DEFINED CONTRIBUTION RETIREMENT PLAN
REPORT OF INDEPENDENT ACCOUNTANTS
To the Participants and Administrator of
the United Technologies Corporation
Defined Contribution Retirement Plan
In our opinion, the accompanying statements of net assets available for benefits
with fund information and the related statement of changes in net assets
available for benefits with fund information present fairly, in all material
respects, the net assets available for benefits of the United Technologies
Corporation Defined Contribution Retirement Plan at December 31, 1997 and 1996
and the changes in net assets available for benefits for the period ended
December 31, 1997, in conformity with generally accepted accounting principles.
These financial statements are the responsibility of the Plan's management; 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.
Our audits were performed for the purpose of forming an opinion on the basic
financial statements taken as a whole. The fund information in the statement of
net assets available for benefits and the statement of changes in net assets
available for benefits is presented for purposes of additional analysis rather
than to present the net assets available for plan benefits and changes in net
assets available for benefits of each fund. The fund information has been
subjected to the auditing procedures applied in the audits of the basic
financial statements and, in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a whole.
PRICE WATERHOUSE LLP
Hartford, Connecticut
June 26, 1998<PAGE>
<PAGE>
<TABLE>
UNITED TECHNOLOGIES CORPORATION DEFINED CONTRIBUTION RETIREMENT PLAN
Statement of Net Assets Available for Benefits With Fund Information
December 31, 1997
<CAPTION>
Small UTC INVESCO
Company International Common Total
Income Equity Stock Index Equity Index Global Stock Return
Fund Fund Fund Fund Fund Fund Fund
<S> <C> <C> <C> <C> <C> <C> <C>
Assets:
Investments, at fair value:
Beneficial interests in Bankers Trust
Company Pyramid:
Large Capitalization Equity Index Fund $ - $2,300,279 $ - $ - $ 3,135 $ - $ -
Russell 2000 Equity Index Fund - - 19,401 - - - -
Daily Japanese Equity Index Fund - - - 3,871 - - -
Daily Non Japanese Equity Index Fund - - - 11,614 - - -
Government/Corporate Fixed Income
Index Fund - - - - 2,566
Daily International Equity Index Fund - - - - 3,009 - -
United Technologies Corporation Common
Stock - - - - - 278,575 -
Shares of respective registered
investment companies - - - - - - 7,389
Investments, at contract value or cost:
Beneficial interests in investment
contracts, at contract value 4,831,402 - - - - - -
Temporary investments, at cost plus
accrued interest - - - - - 4,183 -
Total Investments 4,831,402 2,300,279 19,401 15,485 8,710 282,758 7,389
Plan receivables 8,175 1,731 23 2 50 1,087 5
Total Assets 4,839,577 2,302,010 19,424 15,487 8,760 283,845 7,394
Liabilities:
Accrued liabilities - - - - - 1,800 -
Total Liabilities - - - - - 1,800 -
Net Assets Available for Benefits $4,839,577 $2,302,010 $ 19,424 $ 15,487 $ 8,760 $ 282,045 $ 7,394
Units of participation 784,372 109,515 1,605 1,471 3,681 23,348 254
Unit value $ 6.17 $ 21.02 $ 12.10 $ 10.53 $ 2.38 $ 12.08 $ 29.09
The accompanying notes are an integral part of these financial statements.
/TABLE
<PAGE>
<PAGE>
<TABLE>
UNITED TECHNOLOGIES CORPORATION DEFINED CONTRIBUTION RETIREMENT PLAN
Statement of Net Assets Available for Benefits With Fund Information
December 31, 1997
<CAPTION>
Putnam
Fidelity Putnam New SoGen
Growth & Fund Fidelity Low- PBHG Opportun- Interna-
Income for Growth Fidelity Priced Stock Growth ities tional
Portfolio and Income Contrafund Fund Fund Fund Fund, Inc.
<S> <C> <C> <C> <C> <C> <C> <C>
Assets:
Investments, at fair value:
Beneficial interests in Bankers Trust
Company Pyramid:
Large Capitalization Equity Index Fund $ - $ - $ - $ - $ - $ - $ -
Russell 2000 Equity Index Fund - - - - - - -
Daily Japanese Equity Index Fund - - - - - - -
Daily Non Japanese Equity Index Fund - - - - - - -
Government/Corporate Fixed Income
Index Fund - - - - - - -
Daily International Equity Index Fund - - - - - - -
United Technologies Corporation Common
Stock - - - - - - -
Shares of respective registered
investment companies 127,199 16,760 51,632 18,826 126,959 65,644 10,830
Investments, at contract value or cost:
Beneficial interests in investment
contracts, at contract value - - - - - - -
Temporary investments, at cost plus
accrued interest - - - - - - -
Total Investments 127,199 16,760 51,632 18,826 126,959 65,644 10,830
Plan receivables 261 65 65 - 117 68 12
Total Assets 127,460 16,825 51,697 18,826 127,076 65,712 10,842
Liabilities:
Accrued liabilities - - - - - - -
Total Liabilities - - - - - - -
Net Assets Available for Benefits $ 127,460 $ 16,825 $ 51,697 $ 18,826 $ 127,076 $ 65,712 $ 10,842
Units of participation 3,345 860 1,109 749 5,005 1,338 426
Unit value $ 38.10 $ 19.56 $ 46.63 $ 25.13 $ 25.39 $ 49.10 $ 25.45
The accompanying notes are an integral part of these financial statements.
/TABLE
<PAGE>
<PAGE>
<TABLE>
UNITED TECHNOLOGIES CORPORATION DEFINED CONTRIBUTION RETIREMENT PLAN
Statement of Net Assets Available for Benefits With Fund Information
December 31, 1997
<CAPTION>
Templeton
Templeton Developing
Foreign Markets
Fund I Trust I Total
<S> <C> <C> <C>
Assets:
Investments, at fair value:
Beneficial interests in Bankers Trust
Company Pyramid:
Large Capitalization Equity Index Fund $ - $ - $ 2,303,414
Russell 2000 Equity Index Fund - - 19,401
Daily Japanese Equity Index Fund - - 3,871
Daily Non Japanese Equity Index Fund - - 11,614
Government/Corporate Fixed Income
Index Fund - - 2,566
Daily International Equity Index Fund - - 3,009
United Technologies Corporation Common
Stock - - 278,575
Shares of respective registered
investment companies 32,842 12,530 470,611
Investments, at contract value or cost:
Beneficial interests in investment
contracts, at contract value - - 4,831,402
Temporary investments, at cost plus
accrued interest - - 4,183
Total Investments 32,842 12,530 7,928,646
Plan receivables 12 - 11,673
Total Assets 32,854 12,530 7,940,319
Liabilities:
Accrued liabilities - - 1,800
Total Liabilities - - 1,800
Net Assets Available for Benefits $ 32,854 $ 12,530 $ 7,938,519
Units of participation 3,302 968
Unit value $ 9.95 $ 12.94
The accompanying notes are an integral part of these financial statements.
/TABLE
<PAGE>
<PAGE>
<TABLE>
UNITED TECHNOLOGIES CORPORATION DEFINED CONTRIBUTION RETIREMENT PLAN
Statement of Net Assets Available for Benefits With Fund Information
December 31, 1996
<CAPTION>
Income Equity UTC Common
Fund Fund Stock Fund Global Fund Total
<S> <C> <C> <C> <C> <C>
Assets:
Investments, at fair value:
Beneficial interests in Bankers Trust
Company Pyramid:
Government/Corporate Fixed Income
Index Fund $ - $ - $ - $ 598 $ 598
Large Capitalization Equity Index Fund - 1,886,841 - 697 1,887,538
Daily International Equity Index Fund - - - 972 972
United Technologies Corporation Common
Stock - - 111,182 - 111,182
Investments, at contract value or cost:
Beneficial interests in investment
contracts, at contract value 5,006,173 - - - 5,006,173
Temporary investments, at cost plus
accrued interest 210 - 11 - 221
Total Investments 5,006,383 1,886,841 111,193 2,267 7,006,684
Plan receivables 1,402 - 2,109 - 3,511
Total Assets 5,007,785 1,886,841 113,302 2,267 7,010,195
Liabilities:
Accrued liabilities 16,559 32,564 3,315 61 52,499
Total Liabilities 16,559 32,564 3,315 61 52,499
Net Assets Available for Benefits $4,991,226 $1,854,277 $ 109,987 $ 2,206 $6,957,696
Units of participation 874,078 117,700 10,153 1,067
Unit value $ 5.71 $ 15.75 $ 10.83 $ 2.07
The accompanying notes are an integral part of these financial statements.
/TABLE
<PAGE>
<PAGE>
<TABLE>
UNITED TECHNOLOGIES CORPORATION DEFINED CONTRIBUTION RETIREMENT PLAN
Statement of Changes in Net Assets Available for Benefits With Fund Information
Period Ended December 31, 1997
<CAPTION>
Small UTC INVESCO
Company International Common Total
Income Equity Stock Index Equity Index Global Stock Return
Fund Fund Fund Fund Fund Fund Fund
<S> <C> <C> <C> <C> <C> <C> <C>
Additions to net assets attributed to:
Investment Income:
Net appreciation (depreciation) in fair
value of investments $ - $ 574,275 $ 3,033 $ (619) $ 903 $ 3,631 $ 714
Interest 365,249 - - - - - -
Dividends - - - - - - 278
Total Investment Income 365,249 574,275 3,033 (619) 903 3,631 992
Contributions:
Participants' 146,443 69,791 303 509 1,691 16,731 22
Employer's 296,021 66,398 269 498 1,916 14,056 32
Total Contributions 442,464 136,189 572 1,007 3,607 30,787 54
Deductions from net assets attributed to:
Distributions to participants 506,794 113,066 - 406 1,115 4,303 -
Administrative expenses - - - - - - -
Total Deductions 506,794 113,066 - 406 1,115 4,303 -
Net increase / (decrease) prior to transfers 300,919 597,398 3,605 (18) 3,395 30,115 1,046
Inter-fund transfers (452,568) (149,665) 15,819 15,505 3,159 141,943 6,348
Net increase / (decrease) (151,649) 447,733 19,424 15,487 6,554 172,058 7,394
Net Assets Available for Benefits
December 31, 1996 4,991,226 1,854,277 - - 2,206 109,987 -
Net Assets Available for Benefits
December 31, 1997 $4,839,577 $2,302,010 $ 19,424 $ 15,487 $ 8,760 $ 282,045 $ 7,394
The accompanying notes are an integral part of these financial statements.
/TABLE
<PAGE>
<PAGE>
<TABLE>
UNITED TECHNOLOGIES CORPORATION DEFINED CONTRIBUTION RETIREMENT PLAN
Statement of Changes in Net Assets Available for Benefits With Fund Information
Period Ended December 31, 1997
<CAPTION>
Putnam
Fidelity Putnam New SoGen
Growth & Fund for Fidelity Low- PBHG Opportun- Interna-
Income Growth Fidelity Priced Stock Growth ities tional
Portfolio and Income Contrafund Fund Fund Fund Fund, Inc.
<S> <C> <C> <C> <C> <C> <C> <C>
Additions to net assets attributed to:
Investment Income:
Net appreciation (depreciation) in fair
value of investments $ 12,810 $ 178 $ 2,169 $ 1,156 $ 3,829 $ 8,113 $ (615)
Interest - - - - - - -
Dividends 4,773 2,190 4,244 1,014 - 1,418 1,081
Total Investment Income 17,583 2,368 6,413 2,170 3,829 9,531 466
Contributions:
Participants' 7,105 1,135 2,733 1,201 10,319 3,207 1,562
Employer's 4,539 1,233 1,599 583 6,927 1,942 1,008
Total Contributions 11,644 2,368 4,332 1,784 17,246 5,149 2,570
Deductions from net assets attributed to:
Distributions to participants 5,832 8,509 6,232 - 17,050 4,945 -
Administrative expenses - - - 2 - - -
Total Deductions 5,832 8,509 6,232 2 17,050 4,945 -
Net increase / (decrease) prior to transfers 23,395 (3,773) 4,513 3,952 4,025 9,735 3,036
Inter-fund transfers 104,065 20,598 47,184 14,874 123,051 55,977 7,806
Net increase / (decrease) 127,460 16,825 51,697 18,826 127,076 65,712 10,842
Net Assets Available for Benefits
December 31, 1996 - - - - - - -
Net Assets Available for Benefits
December 31, 1997 $ 127,460 $ 16,825 $ 51,697 $ 18,826 $ 127,076 $ 65,712 $ 10,842
The accompanying notes are an integral part of these financial statements.
/TABLE
<PAGE>
<PAGE>
<TABLE>
UNITED TECHNOLOGIES CORPORATION DEFINED CONTRIBUTION RETIREMENT PLAN
Statement of Changes in Net Assets Available for Benefits With Fund Information
Period Ended December 31, 1997
<CAPTION>
Templeton
Templeton Developing
Foreign Markets
Fund I Trust I Total
<S> <C> <C> <C>
Additions to net assets attributed to:
Investment Income:
Net appreciation (depreciation) in fair
value of investments $ (3,358) $ (4,180) $ 602,039
Interest - - 365,249
Dividends 3,508 866 19,372
Total Investment Income 150 (3,314) 986,660
Contributions:
Participants' 959 725 264,436
Employer's 623 337 397,981
Total Contributions 1,582 1,062 662,417
Deductions from net assets attributed to:
Distributions to participants - - 668,252
Administrative expenses - - 2
Total Deductions - - 668,254
Net increase / (decrease) prior to
transfers 1,732 (2,252) 980,823
Inter-fund transfers 31,122 14,782 -
Net increase / (decrease) 32,854 12,530 980,823
Net Assets Available for Benefits
December 31, 1996 - - 6,957,696
Net Assets Available for Benefits
December 31, 1997 $ 32,854 $ 12,530 $ 7,938,519
The accompanying notes are an integral part of these financial statements.
/TABLE
<PAGE>
<PAGE>
UNITED TECHNOLOGIES CORPORATION
DEFINED CONTRIBUTION RETIREMENT PLAN
Notes to Financial Statements
NOTE 1 - DESCRIPTION OF THE PLAN
General. The United Technologies Corporation (UTC) Defined Contribution
Retirement Plan (the Plan) is a defined contribution savings and money purchase
plan administered by UTC. It is subject to the provisions of the Employee
Retirement Income Security Act of 1974 (ERISA). Eligible employees of UTC and
certain of its subsidiaries may participate after completing one year of
service. The following is a brief description of the Plan. For more complete
information, participants should refer to the plan document which is available
from UTC.
Contributions and Vesting. The employer makes contributions for each
participant up to 3.5 percent of the participant's compensation. In addition,
certain participants may elect to contribute, through payroll deductions,
between 1 and 12 percent of their total compensation with up to the first 4
percent of each participant's contribution being matched 50 percent by the
employer. Participant contributions, plus actual earnings thereon, are fully
vested at all times under the Plan. Generally, employer contributions, plus
actual earnings thereon, become fully vested after two years of Plan
participation.
Participant Accounts. Each participant's account is credited with the
participant's contributions and allocations of (a) UTC's contributions based on
a percentage of the participant's contribution and (b) Plan earnings based on
account balances. The benefit to which a participant is entitled is the
benefit that can be provided from the participant's vested account. Forfeited
balances of terminated participants' nonvested amounts are used to reduce future
UTC contributions. For the period ended December 31, 1997, approximately $1,300
of forfeitures were used to fund employer contributions.
Trustee and Recordkeeper. All of the Plan's assets are held by Bankers Trust
Company, the Plan Trustee. As of January 1, 1997, Fidelity Institutional
Retirement Services Company assumed the participant account recordkeeping
responsibilities.
Investment Options. On January 1, 1997, investment options increased to sixteen
from the previous four. Participants may elect to allocate their contributions
in any whole percentage among the following funds. Participants are permitted
to transfer their accounts between investment funds daily in any whole
percentage or whole dollar amount. The investment funds are as follows:
. The Income Fund invests in contracts issued by five insurance companies. See
Note 3.
. The Equity Fund invests in a portfolio of common stocks replicating the
Standard & Poor's Composite Index of 500 stocks (S&P 500).
. The Small Company Stock Index Fund invests in a portfolio of common stocks
replicating the Russell 2000 Index.
. The International Equity Index Fund invests in the equities of a mix of stock
markets outside the U.S.
. The Global Fund invests in both U.S. and foreign investments to replicate the
performance, in approximately equal portions, of three indices: the S&P 500,
the EAFE Index (an international stock index of large companies in Europe,<PAGE>
<PAGE>
Australia and the Far East), and the Lehman Brothers Government/Corporate
Index.
. The UTC Common Stock Fund consists principally of 3,826 and 1,678 shares of
UTC Common Stock at December 31, 1997 and 1996, respectively.
. The INVESCO Total Return Fund invests in shares of a registered investment
company that principally invests in both equity and fixed or variable income
securities to achieve a moderate total return from capital appreciation and
current income.
. The Fidelity Growth & Income Portfolio invests in shares of a registered
investment company that principally invests in U.S. and foreign equity
securities that pay current dividends and show potential earnings growth.
. The Putnam Fund for Growth and Income invests in shares of a registered
investment company that principally invests in equity securities of companies
that pay regular dividends to shareowners.
. The Fidelity Contrafund invests in shares of a registered investment company
that principally invests in equity securities of U.S. and foreign companies
believed to be undervalued or out of favor.
. The Fidelity Low-Priced Stock Fund invests in shares of a registered
investment company that principally invests in equity securities of companies
believed to be undervalued, overlooked or out of favor, which are generally
priced at $35 or less.
. The PBHG Growth Fund invests in shares of a registered investment company
that principally invests in equity securities of companies believed to have
an outlook for strong earnings growth.
. The Putnam New Opportunities Fund invests in shares of a registered
investment company that principally invests in equity securities of companies
in certain emerging industry groups.
. The SoGen International Fund, Inc. invests in shares of a registered
investment company that invests in U.S. and foreign equity, fixed income and
gold-related securities and cash.
. The Templeton Foreign Fund I invests in shares of a registered investment
company that principally invests in equity securities of companies in
developed and developing countries outside the U.S.
. The Templeton Developing Markets Trust I invests in shares of a registered
investment company that principally invests in equity securities of companies
in developing countries.
Payment of Benefits. Generally, benefits are paid in a lump sum to a
terminating participant. A participant terminating due to retirement may elect
to receive benefits in installments over two to twenty years. At the
participant's election, the portion of a lump sum distribution attributable to
the UTC Common Stock Fund may be paid in shares of UTC Common Stock instead of
cash. There were no distributions in common stock for the period ended December
31, 1997.
NOTE 2 - SUMMARY OF ACCOUNTING PRINCIPLES
Basis of Accounting. The financial statements of the Plan are prepared under
the accrual method of accounting. Benefits are recorded when paid.<PAGE>
<PAGE>
Master Trust. The Plan's assets are kept in a Master Trust maintained by the
Trustee. Under the Master Trust agreement, the assets of certain employee
savings plans of UTC and its subsidiaries are combined. Participating Plans
purchase units of participation in the investment funds based on their
contribution to such funds and the unit value of the applicable investment fund
at the end of the trading day in which a transaction occurs. The unit value of
each fund is determined at the close of each day by dividing the sum of
uninvested cash, accrued income and the current value of investments by the
total number of outstanding units in such funds. Income from the funds'
investments increases the Plans' unit values. Distributions to participants
reduce the number of participation units held by the Plans.
At December 31, 1997, the Plan's interest in the Master Trust comprised 941,348
units of the 1,012,560,383 total units of participation, or 0.09%. At December
31, 1996, the Plan's interest in the Master Trust comprised 1,002,998 units of
the total 1,062,864,802 units of participation, or 0.09%.
Investment Valuation. The Income Fund's investment contracts are stated at
contract value which represents contributions plus earnings, less Plan
withdrawals. All other funds are stated at fair value, as determined by the
Trustee, typically by reference to published market data.
Plan Expenses. Plan administrative expenses, including Trustee and recordkeeper
fees were paid directly by the employer in 1997. The employer also paid certain
investment management fees for the Bankers Trust managed funds. All other
administrative and investment expenses were paid out of Plan assets.
Use of Estimates. The preparation of financial statements requires UTC to make
estimates and assumptions that affect the reported amounts in the financial
statements. Actual results could differ from those estimates.
NOTE 3 - INVESTMENT CONTRACTS
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 companies. 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 company. The interest rates earned for 1997 and 1996 were 8.1% and
7.5%, respectively. The following is a summary of the investment contracts
held in the Income Fund and the portion allocable to the Plan:
<TABLE>
<CAPTION>
(Thousands of Dollars) December 31, December 31,
1997 1996
<S> <C> <C>
CIGNA $ 1,456,404 $ 1,512,307
Aetna 437,582 457,815
Travelers 367,509 388,845
Prudential 231,133 236,966
Metropolitan Life 780,096 782,764
$ 3,272,724 $ 3,378,697
Amount of the contracts allocable to the Plan $ 4,831 $ 5,006
/TABLE
<PAGE>
<PAGE>
NOTE 4 - FUNDING POLICY
The Corporation funds its obligation to the plan on a monthly basis. At
December 31, 1997, the minimum funding requirements under ERISA have been met.
NOTE 5 - PLAN TERMINATION
Although it has not expressed any intent to do so, UTC has the right under the
Plan to discontinue its contributions at any time and to terminate the Plan
subject to the provisions of ERISA. In the event of Plan termination,
participants will become 100 percent vested in their accounts.
NOTE 6 - RECONCILIATION OF FINANCIAL STATEMENTS TO FORM 5500
The following are reconciliations of net assets available for benefits and
benefits paid from the financial statements to the Form 5500:
<TABLE>
<CAPTION>
December 31,
1997 1996
<S> <C> <C>
Net assets available for benefits
per the financial statements $7,938,519 $6,957,696
Amounts allocated to participant
withdrawals - (150,301)
Net assets available for benefits
per Form 5500 $7,938,519 $6,807,395
</TABLE>
<TABLE>
Year Ended
December 31,
1997
<S> <C> <C>
Benefits paid to participants per the
financial statements $ 668,252
Add: Amounts allocated to participant
withdrawals at December 31, 1997 -
Less: Amounts allocated to participant
withdrawals at December 31, 1996 (150,301)
Benefits paid to participants per Form
5500 $ 517,951
</TABLE>
Amounts allocated to participant withdrawals are recorded on Form 5500 for
benefit claims that have been processed and approved for payment prior to
December 31 but not yet paid as of that date.
NOTE 7 - TAX STATUS
The Internal Revenue Service has determined and informed UTC by letter dated
April 22, 1996 that the Plan and related trust are designed in accordance with
applicable sections of the Internal Revenue Code (IRC). The Plan has been
amended since receiving the determination letters. However, the Plan
administrator and tax counsel believe that the Plan is designed and currently
being operated in compliance with the applicable requirements of the IRC.<PAGE>
<PAGE>
SIGNATURES
The Plan (or other 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
DEFINED CONTRIBUTION RETIREMENT PLAN
Dated: June 26, 1998 By: /s/ Daniel P. O'Connell
Daniel P. O'Connell
Corporate Director, Employee Benefits and Human
Resources Systems
United Technologies Corporation<PAGE>
<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. 33-58937) of United Technologies Corporation of our
report dated June 26, 1998 appearing in the United Technologies Corporation
Defined Contribution Retirement Plan's Annual Report on Form 11-K for the year
ended December 31, 1997.
PRICE WATERHOUSE LLP
Hartford, Connecticut
June 26, 1998<PAGE>
