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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 buyout firm Kohlberg Kravis Roberts & Co. MTU is a partner in Pratt & Whitney's commercial gas turbine aircraft engines program. Pratt is a unit of Hartford, Connecticut-based United Technology.
With the payment, United Technologies has released DaimlerChrysler from commitments earlier made in support of MTU, said United Technologies in a statement.
"We look forward to continuing our strategic relationship with MTU under KKR's ownership," said Pratt & Whitney President Louis Chenevert in a statement.
United Technologies shares closed up $2.45, or 2.6 percent, at $95.85. The stock had not traded after hours on electronic system Instinet.