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Wednesday, November 04, 2009
UTC: a Renewed Aerospace Downturn Is 'unlikely'
By Christopher Hinton
MarketWatch Pulse
NEW YORK -- Louis Chenevert, chief executive of jet-engine and aviation-equipment provider United Technologies Corp., said Wednesday that a renewed or accelerated downturn in parts and maintenance sales to airlines "is unlikely at this point in time." Speaking at an analyst conference in New York, Chenevert conceded that while the severity of the aftermarket decline was a surprise for the back half of this year, he expects to see some recovery in 2010, followed by a strong return in demand by 2011. Because of a wind down in inventories and a projected increase in flight hours, demand for spares and services are "inevitable," he said.
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