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UTC Board Authorizes Increased Share Repurchase

5 October 1998

UTC Board Authorizes Increased Share Repurchase; Declares Quarterly Dividend

    HARTFORD, Conn., Oct. 5 -- United Technologies Corp.'s
board of directors has authorized the acquisition of an additional
15 million shares.  These shares have a value exceeding $1 billion at the
current share price.
    UTC Chairman and Chief Executive Officer George David said, "Given our
attractive stock price, and our continued confidence in 1998 and 1999 earnings
despite the current economic uncertainty in global markets, the authority to
repurchase additional shares provides us the opportunity to further increase
shareowner value."
    Since the program began in April 1994, the UTC board has authorized the
repurchase of 60 million shares, of which 39.3 million shares, for a total of
$2.3 billion, have been repurchased through September 30, 1998.  During the
third quarter, approximately 2.7 million shares were repurchased for
$225 million, bringing year to date share repurchase spending to $502 million
for 5.7 million shares.
    The board also declared a quarterly dividend of 36 cents a common share,
payable December 10, 1998, to owners of record at the close of business on
November 20, 1998.
    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 December 10, 1998 to
owners of record at the start of business December 10, 1998.
    United Technologies Corporation, based in Hartford, Conn., provides a
broad range of high-technology products and support services to the building
systems, automotive and aerospace industries.