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<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
UT AUTOMOTIVE SAVINGS PLAN FOR HOURLY,
MANAGEMENT-REPRESENTED EMPLOYEES
(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 UT AUTOMOTIVE SAVINGS PLAN FOR HOURLY, MANAGEMENT-
REPRESENTED EMPLOYEES
REPORT OF INDEPENDENT ACCOUNTANTS
To the Participants and Administrator of
the UT Automotive Savings Plan for Hourly,
Management-Represented Employees
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 UT Automotive Savings
Plan For Hourly, Management-Represented Employees 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>
UT AUTOMOTIVE SAVINGS PLAN FOR HOURLY, MANAGEMENT-REPRESENTED EMPLOYEES
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 $ - $ 492,470 $ - $ - $ 33,343 $ - $ -
Russell 2000 Equity Index Fund - - 10,189 - - - -
Daily Japanese Equity Index Fund - - - 853 - - -
Daily Non Japanese Equity Index Fund - - - 2,560 - - -
Government/Corporate Fixed Income
Index Fund - - - - 27,280 - -
Daily International Equity Index Fund - - - - 31,992 - -
United Technologies Corporation Common
Stock - - - - - 104,700 -
Shares of respective registered investment
companies - - - - - - 43,015
Investments, at contract value or cost:
Beneficial interests in investment
contracts, at contract value 3,777,373 - - - - - -
Participant loans, at cost - - - - - - -
Temporary investments, at cost plus
accrued interest - - - - - 1,572 -
Total Investments 3,777,373 492,470 10,189 3,413 92,615 106,272 43,015
Plan receivables 1,171 - - - - 224 -
Total Assets 3,778,544 492,470 10,189 3,413 92,615 106,496 43,015
Liabilities:
Accrued liabilities - - - - - 676 -
Loans payable, net - - - - - - -
Total Liabilities - - - - - 676 -
Net Assets Available for Benefits $3,778,544 $ 492,470 $ 10,189 $ 3,413 $ 92,615 $ 105,820 $ 43,015
Units of participation 612,475 23,427 842 324 38,950 8,761 1,479
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>
UT AUTOMOTIVE SAVINGS PLAN FOR HOURLY, MANAGEMENT-REPRESENTED EMPLOYEES
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 166,622 43,507 22,980 56,551 54,493 45,721 7,965
Investments, at contract value or cost:
Beneficial interests in investment
contracts, at contract value - - - - - - -
Participant loans, at cost - - - - - - -
Temporary investments, at cost plus
accrued interest - - - - - - -
Total Investments 166,622 43,507 22,980 56,551 54,493 45,721 7,965
Plan receivables - - - - - - -
Total Assets 166,622 43,507 22,980 56,551 54,493 45,721 7,965
Liabilities:
Accrued liabilities - - - - - - -
Loans payable, net - - - - - - -
Total Liabilities - - - - - - -
Net Assets Available for Benefits $ 166,622 $ 43,507 $ 22,980 $ 56,551 $ 54,493 $ 45,721 $ 7,965
Units of participation 4,373 2,224 493 2,250 2,146 931 313
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>
UT AUTOMOTIVE SAVINGS PLAN FOR HOURLY, MANAGEMENT-REPRESENTED EMPLOYEES
Statement of Net Assets Available for Benefits With Fund Information
December 31, 1997
<CAPTION>
Templeton
Templeton Developing
Foreign Markets
Fund I Trust I Loan Fund Total
<S> <C> <C> <C> <C>
Assets:
Investments, at fair value:
Beneficial interests in Bankers Trust
Company Pyramid:
Large Capitalization Equity Index Fund $ - $ - $ - $ 525,813
Russell 2000 Equity Index Fund - - - 10,189
Daily Japanese Equity Index Fund - - - 853
Daily Non Japanese Equity Index Fund - - - 2,560
Government/Corporate Fixed Income
Index Fund - - - 27,280
Daily International Equity Index Fund - - - 31,992
United Technologies Corporation Common
Stock - - - 104,700
Shares of respective registered
investment companies 30,483 18,525 - 489,862
Investments, at contract value or cost:
Beneficial interests in investment
contracts, at contract value - - - 3,777,373
Participant loans, at cost - - 214,335 214,335
Temporary investments, at cost plus
accrued interest - - - 1,572
Total Investments 30,483 18,525 214,335 5,186,529
Plan receivables - - - 1,395
Total Assets 30,483 18,525 214,335 5,187,924
Liabilities:
Accrued liabilities - - - 676
Loans payable, net - - - -
Total Liabilities - - - 676
Net Assets Available for Benefits $ 30,483 $ 18,525 $ 214,335 $ 5,187,248
Units of participation 3,064 1,432 214,335
Unit value $ 9.95 $ 12.94 $ 1.00
The accompanying notes are an integral part of these financial statements.
/TABLE
<PAGE>
<PAGE>
<TABLE>
UT AUTOMOTIVE SAVINGS PLAN FOR HOURLY, MANAGEMENT-REPRESENTED EMPLOYEES
Statement of Net Assets Available for Benefits With Fund Information
December 31, 1996
<CAPTION>
Income Equity
Fund Fund Global Fund Loan 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 $ - $ - $ 31,943 $ - $ 31,943
Large Capitalization Equity Index Fund - 235,680 37,271 - 272,951
Daily International Equity Index Fund - - 41,351 - 41,351
Investments, at contract value or cost:
Beneficial interests in investment
contracts, at contract value 4,150,093 - - - 4,150,093
Participant loans, at cost - - - 187,702 187,702
Temporary investments, at cost plus
accrued interest 168 - - - 168
Total Investments 4,150,261 235,680 110,565 187,702 4,684,208
Plan receivables - 1,234 244 1,121 2,599
Total Assets 4,150,261 236,914 110,809 188,823 4,686,807
Liabilities:
Accrued liabilities 13,874 - 304 - 14,178
Loans payable, net (2,635) (115) (121) 1,831 (1,040)
Total Liabilities 11,239 (115) 183 1,831 13,138
Net Assets Available for Benefits $4,139,022 $ 237,029 $ 110,626 $ 186,992 $4,673,669
Units of participation 724,838 15,045 53,526 186,992
Unit value $ 5.71 $ 15.75 $ 2.07 $ 1.00
The accompanying notes are an integral part of these financial statements.
/TABLE
<PAGE>
<PAGE>
<TABLE>
UT AUTOMOTIVE SAVINGS PLAN FOR HOURLY, MANAGEMENT-REPRESENTED EMPLOYEES
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 $ - $ 86,294 $ 1,739 $ 78 $ 12,264 $ (5,728) $ 2,033
Interest 301,805 1 - - - - -
Dividends - - - - - - 1,409
Total Investment Income 301,805 86,295 1,739 78 12,264 (5,728) 3,442
Contributions:
Participants' 449,277 78,964 3,474 1,404 25,393 40,924 2,405
Employer's 215,734 7,214 262 124 2,670 2,941 258
Total Contributions 665,011 86,178 3,736 1,528 28,063 43,865 2,663
Repayments on loans 82,582 3,644 - - 1,061 184 -
Deductions from net assets attributed to:
Distributions to participants 807,849 21,216 - - 6,524 1,752 -
Loans to participants 124,440 3,137 - - 3,002 4,914 602
Administrative expenses 1,711 50 - - 43 43 -
Total Deductions 934,000 24,403 - - 9,569 6,709 602
Net increase / (decrease) prior to
transfers 115,398 151,714 5,475 1,606 31,819 31,612 5,503
Inter-fund transfers (475,246) 103,727 4,714 1,807 (49,830) 74,208 37,512
Assets transferred out of Plan (630) - - - - - -
Net increase / (decrease) (360,478) 255,441 10,189 3,413 (18,011) 105,820 43,015
Net Assets Available for Benefits
December 31, 1996 4,139,022 237,029 - - 110,626 - -
Net Assets Available for Benefits
December 31, 1997 $3,778,544 $ 492,470 $ 10,189 $ 3,413 $ 92,615 $ 105,820 $ 43,015
The accompanying notes are an integral part of these financial statements.
/TABLE
<PAGE>
<PAGE>
<TABLE>
UT AUTOMOTIVE SAVINGS PLAN FOR HOURLY, MANAGEMENT-REPRESENTED EMPLOYEES
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 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>
Additions to net assets attributed to:
Investment Income:
Net appreciation (depreciation) in fair
value of investments $ 15,235 $ (648) $ (10) $ 2,650 $ 1,680 $ 6,155 $ (887)
Interest - - - - - - -
Dividends 6,162 5,215 1,873 2,736 - 958 785
Total Investment Income 21,397 4,567 1,863 5,386 1,680 7,113 (102)
Contributions:
Participants' 29,868 13,643 9,496 7,735 16,397 15,622 1,147
Employer's 1,341 942 449 474 877 904 121
Total Contributions 31,209 14,585 9,945 8,209 17,274 16,526 1,268
Repayments on loans 148 9 - 825 148 47 19
Deductions from net assets attributed to:
Distributions to participants 427 321 - 696 306 358 -
Loans to participants 266 - - 811 831 157 -
Administrative expenses - - - 14 - - -
Total Deductions 693 321 - 1,521 1,137 515 -
Net increase / (decrease) prior to
transfers 52,061 18,840 11,808 12,899 17,965 23,171 1,185
Inter-fund transfers 114,561 24,667 11,172 43,652 36,528 22,550 6,780
Assets transferred out of Plan - - - - - - -
Net increase / (decrease) 166,622 43,507 22,980 56,551 54,493 45,721 7,965
Net Assets Available for Benefits
December 31, 1996 - - - - - - -
Net Assets Available for Benefits
Deceber 31, 1997 $ 166,622 $ 43,507 $ 22,980 $ 56,551 $ 54,493 $ 45,721 $ 7,965
The accompanying notes are an integral part of these financial statements.
/TABLE
<PAGE>
<PAGE>
<TABLE>
UT AUTOMOTIVE SAVINGS PLAN FOR HOURLY, MANAGEMENT-REPRESENTED EMPLOYEES
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 Loan Fund Total
<S> <C> <C> <C> <C>
Additions to net assets attributed to:
Investment Income:
Net appreciation (depreciation) in fair
value of investments $ (3,732) $ (6,083) $ - $ 111,040
Interest - - 13,835 315,641
Dividends 3,044 1,233 - 23,415
Total Investment Income (688) (4,850) 13,835 450,096
Contributions:
Participants' 7,877 2,931 - 706,557
Employer's 408 126 - 234,845
Total Contributions 8,285 3,057 - 941,402
Repayments on loans 83 686 (89,436) -
Deductions from net assets attributed to:
Distributions to participants - - 35,979 875,428
Loans to participants 155 608 (138,923) -
Administrative expenses - - - 1,861
Total Deductions 155 608 (102,944) 877,289
Net increase / (decrease) prior to
transfers 7,525 (1,715) 27,343 514,209
Inter-fund transfers 22,958 20,240 - -
Assets transferred out of Plan - - - (630)
Net increase / (decrease) 30,483 18,525 27,343 513,579
Net Assets Available for Benefits
December 31, 1996 - - 186,992 4,673,669
Net Assets Available for Benefits
December 31, 1997 $ 30,483 $ 18,525 $ 214,335 $ 5,187,248
The accompanying notes are an integral part of these financial statements.
/TABLE
<PAGE>
<PAGE>
UT AUTOMOTIVE SAVINGS PLAN FOR HOURLY, MANAGEMENT-REPRESENTED EMPLOYEES
Notes to Financial Statements
NOTE 1 - DESCRIPTION OF THE PLAN
General. The UT Automotive Savings Plan for Hourly, Management-Represented
Employees (the Plan) is a defined contribution savings plan administered by
United Technologies Corporation (UTC), the parent company. It is subject to the
provisions of the Employee Retirement Income Security Act of 1974 (ERISA). Non-
union hourly employees of UT Automotive Corporation (UTA) are eligible to
participate in the Plan after completing at least 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. Participants may elect to contribute, through
payroll deductions, between 1 and 16 percent of their total compensation.
Participant contributions, plus actual earnings thereon, are fully vested at all
times under the Plan. UTA (the employer) contributes between $.05 and $.14 per
compensated hour for certain of its employees. Generally, employer
contributions, plus actual earnings thereon, become fully vested after five
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
employer contributions. For the period ended December 31, 1997, approximately
$3,300 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 three. 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,
Australia and the Far East), and the Lehman Brothers Government/Corporate
Index.
<PAGE>
<PAGE>
. The UTC Common Stock Fund consists principally of 1,438 shares of UTC Common
Stock at December 31, 1997.
. 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.
Participant Loans. Certain participants with at least two years of plan
participation are allowed to borrow up to 50 percent of their account balances,
excluding employer contributions. Loan amounts can range from $1,000 to
$50,000 and must be repaid within 5 years. The loans are secured by the
balance in the participant's account and bear interest at Bankers Trust's prime
rate plus one percent. Principal and interest are paid ratably through payroll
deductions.
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.<PAGE>
<PAGE>
Other. Participants who transfer to a new UTC location with a different savings
plan have the option of transferring their account balances in accordance with
the provisions of the new savings plan.
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.
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 917,819
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 980,401 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:<PAGE>
<PAGE>
<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 $ 3,777 $ 4,150
</TABLE>
NOTE 4 - 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 5 - 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 $5,187,248 $4,673,669
Amounts allocated to participant
withdrawals - (142,522)
Net assets available for benefits
per Form 5500 $5,187,248 $4,531,147
</TABLE>
<TABLE>
<CAPTION>
Year Ended
December 31,
1997
<S> <C>
Benefits paid to participants per the
financial statements $ 875,428
Add: Amounts allocated to participant
withdrawals at December 31, 1997 -
Less: Amounts allocated to participant
withdrawals at December 31, 1996 (142,522)
Benefits paid to participants per Form
5500 $ 732,906
</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.<PAGE>
<PAGE>
NOTE 6 - TAX STATUS
The Internal Revenue Service has determined and informed UTC by letter dated
February 27, 1998 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.
UT AUTOMOTIVE SAVINGS PLAN FOR HOURLY,
MANAGEMENT-REPRESENTED EMPLOYEES
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. 333-18743) of United Technologies Corporation of
our report dated June 26, 1998 appearing in the UT Automotive Savings Plan
for Hourly, Management-Represented Employees' Annual Report on Form 11-K for
the year ended December 31, 1997.
PRICE WATERHOUSE LLP
Hartford, Connecticut
June 26, 1998<PAGE>
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