UTC Board Declares Quarterly Dividends
The board of directors of United Technologies Corp. (UTC, South Windsor, CT) declared a quarterly dividend of $024.5 per common share, payable September 10, 2002, to owners of record at the close of business on August 23, 2002. In addition, the directors declared a regular quarterly dividend of $1.20 a share on the convertible preferred stock held under the corporation's employee stock ownership plan. The dividend is payable September 10, 2002, to owners of record at the start of that day.
The company also announced an additional, voluntary contribution of $253.0 million of its common stock to the company's pension fund, as authorized by the board in December 2001. The board had approved a total voluntary contribution of $500.0 million, $247.0 million of which was added to the fund last year. An independent manager with authority to hold and dispose of the securities has been appointed. The contribution will be made from treasury stock and does not alter the company's 2002 earnings-per-share estimate of $4.40.