United Technologies Plans to Separate Into Three Independent Companies
FARMINGTON, Conn. — United Technologies Corp. completed its acquisition of Rockwell Collins and announced its intention to separate its commercial businesses, Otis and Carrier (formerly CCS), into independent entities. The separation will result in three global, companies: United Technologies, comprised of Collins Aerospace Systems — formed through the combination of UTC Aerospace Systems and Rockwell Collins — and Pratt & Whitney, will be a systems supplier to the aerospace and defense industry; Otis, a manufacturer of elevators, escalators, and moving walkways; and Carrier, a global provider of HVAC, refrigeration, building automation, fire safety, and security products with leadership positions across its portfolio.
"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 maximize value creation," said Gregory Hayes, United Technologies chairman and CEO . "Our products make modern life possible for billions of people. I'm confident that each company will continue our proud history of performance, excellence, and innovation while building an even brighter future. As standalone companies, United Technologies, Otis and Carrier will be ready to solve our customers' biggest challenges, provide rewarding career opportunities, and contribute positively to communities around the world."