United Technologies to separate into three independent companies
US aerospace company United Technologies announced on Monday it intends to split into three separate commercial businesses, following the completed acquisition of avionics and IT company Rockwell Collins.
United Technologies Corporation (UTC) was founded in 1934 and has around 233,700 staff around the world. The three new entities will be United Technologies, Otis and Carrier. United Technologies will be comprised of Collins Aerospace Systems and Pratt & Whitney. Collins supplies electrical, mechanical and software solutions across all major segments of the aerospace industry.
Otis Elevator Company is the world’s leading manufacturer of elevators, escalators and moving walkways, with over 2mn elevators under maintenance.
Carrier is a global provider of HVAC, refrigeration, building automation, fire safety and security products. Its leading brands include Carrier, Kidde, Edwards, LenelS2 and Automated Logic.
Chairman and CEO of United Technologies, Gregory Hayes, said: “Our decision… 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.”
Hayes reiterated the company’s commitment to making “modern life possible” and said that the new structure will enable the companies to contribute positively to communities.