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Diversified business conglomerate United Technologies Corp. (UTX - Analyst Report) was recently handpicked by The Boeing Company (BA - Analyst Report) to manufacture the landing gear for its fleet of the upcoming Boeing 737 MAX. UTC Aerospace Systems, an operating unit of United Technologies, is entrusted with the job of manufacturing the aircraft parts that include the nose, main landing gear and main gear side struts.  

The aircraft components are likely to be manufactured in several assembly sites of UTC Aerospace Systems in North America and Poland. Presently, Boeing boasts a healthy pipeline of 1,400 orders for 737 MAX, the first delivery of which is scheduled to take place in 2017.

Over the years, UTC Aerospace Systems has been manufacturing landing gears for several Boeing aircraft such as the Boeing Next-Generation 737, 747, 767 and the 777. Therefore, the contract is an extension of the long-serving business ties of United Technologies with Boeing.

Based in Hartford, Conn., United Technologies provides high-end technology products and services to the building systems and aerospace industries worldwide. The company is a diversified business conglomerate serving various end markets such as aerospace, defense and commercial construction. The business diversification allows the company to remain profitable amid tough economic times.

The operations of the company are primarily classified into two principal businesses: commercial and aerospace. Under its commercial business, the company has Otis and the UTC Climate, Controls & Security division, which combined the former Carrier and UTC Fire & Security divisions. The aerospace business of the company consists of Sikorsky aircraft and the UTC Propulsion & Aerospace Systems, which includes UTC Aerospace Systems and Pratt & Whitney divisions.

United Technologies presently has a Zacks Rank #2 (Buy). Other notable companies in the industry include ITT Corporation (ITT - Analyst Report) and Federal Signal Corp. (FSS - Snapshot Report), both carrying a Zacks Rank #2 (Buy).

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