Diversified U.S. manufacturer United Technologies Corp (UTX.N: Quote, Profile, Research) is pushing through price increases at most of its construction-related businesses, a top executive said on Tuesday.
"We're pushing price across most of our businesses on the commercial side and it's actually getting traction," said Greg Hayes, vice president of accounting and finance. "You have to push price when costs go up."
The company's commercial units include Otis and Carrier, which are respectively the world's largest makers of elevators and air conditioners, as well as refrigeration, security and fire-safety systems used in commercial buildings.
The Hartford, Connecticut-based company said on Monday that Carrier would be raising prices by about 6 percent in North America by mid-July.
Hayes said the company was facing higher costs for copper, steel and aluminum as well as higher transportation costs as a result of surging energy prices. Overall materials inflation has outpaced its expectations so far this year, he said.
United Tech also makes jet engines and helicopters. (Reporting by Scott Malone; Editing by Braden Reddall)
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