United Technologies to separate into three companies
United Technologies Corporation (UTC) has completed its acquisition of Rockwell Collins and announced its intention to separate its commercial businesses, Otis and Carrier (formerly CCS), into independent entities.
United Technologies will be comprised of Collins Aerospace Systems (which was formed through the combination of UTC Aerospace Systems and Rockwell Collins) and Pratt & Whitney. It will function as a systems supplier to the aerospace and defence industry.
Otis will be focused on elevators, escalators and moving walkways, and Carrier will supply HVAC, refrigeration, building automation, fire safety and security products.
A “pivotal moment”
Gregory Hayes will oversee the transition and will continue in his current role as UTC Chairman and CEO following the separation.
He said: "Our decision to separate United Technologies is a pivotal moment in our history and will best position each independent company to drive sustained growth, lead its industry in innovation and customer focus, and maximise value creation.”