HUNTINGTON, Ind. (WOWO): State economic officials say United Technology Corporation’s move from Huntington and Indianapolis to Mexico will save the company $65 million a year.

While that number may seem big, that’s actually under 1 percent of the company’s total annual revenue for its heating and cooling division, according to figures obtained by the Indianapolis Business Journal.

The company makes about $18 billion annually from its Carrier products.

A Carrier spokeswoman would not comment on the company’s finances.

The company blames 53 federal regulations affecting the business for its decision to cut 1,400 jobs in Indianapolis and 700 in Huntington by moving the plants.