AEROSPACE & DEFENSE

United Technologies Plans $1 Billion in Cuts a Year: The diversified manufacturer and defense contractor said it plans to cut its costs by $1 billion a year through 1993. In a statement, Chairman and Chief Executive Robert Daniell said the cuts will be “challenging” and will include continued “significant reductions in the work force.” United Technologies, which includes Otis elevators, Sikorsky helicopters and Pratt & Whitney engines under its umbrella, has been hit hard by cuts in defense spending and the downturn in the automobile industry.