United Tech Board OKs Buyback of 60 Million Shares

United Technologies Corp. on Wednesday said its board approved a plan that calls for the repurchase of up to 60 million shares, worth about $4.3 billion at current prices.

The plan replaces an earlier program, approved in June 2008, which was nearing completion.

The conglomerate, which owns Otis Elevators, Carrier heating and refrigeration, Pratt and Whitney aircraft engines and Sikorsky helicopters, among other businesses, repurchased $1.1 billion worth of its shares in 2009 and expects to buy back $1.5 billion worth this year.

United Technologies shares closed Wednesday trading up a penny at $71.79. The stock has moved between $37.93 and $71.79 in the past 52 weeks.

(This version CORRECTS third paragraph to read that buyback this year expected to be $1.5 billion)

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