NEW YORK, Jan 14 (Reuters) - United Technologies Corp. received a $250 million payment from automaker DaimlerChrysler AG and will use the first-quarter gain to help fund cost cuts across a range of businesses, the conglomerate said on Wednesday.
The payment follows DaimlerChrysler's sale of MTU Aero Engines GmbH to Kohlberg Kravis Roberts & Co. MTU is a partner in Pratt & Whitney's commercial gas turbine aircraft engines program. Pratt is a unit of United Technology.
With the payment, United Technologies has released DaimlerChrysler from commitments earlier made in support of MTU, said United Technologies in a statement.