Late Monday, United Technologies announced its plans to segregate itself into three companies: 1) United Technologies, which will focus on aerospace and defense industry supplier businesses, 2) Carrier, which comprises its refrigeration, air conditioning and building systems business and 3) Otis, which makes  elevators, escalators and moving walkways. United Technologies got the final regulatory nod for its $23 billion acquisition of aviation electronics manufacturing company Rockwell Collins on Friday.After the acquisition, Rockwell combined with UTC Aerospace Systems will make up Collins Aerospace Systems – which will be part of the United Technologies company after the split. "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 United Technologies CEO Gregory Hayes.

This happened for the first time for the conglomerate since 2009’s global recession. From being the most valuable company – worth  $400 billion - in the S&P 500 in 2004, GE is now struggling with cratering share prices amidst the company’s profit declines and massive debt.It even got eliminated from the Dow Jones Industrial Average Index earlier this year, after having been part of it for around 110 years. In an attempt to pay off its debts, GE is selling off several of its businesses including its railroad division, Thomas Edison's light-bulb unit, Baker Hughes and the MRI-machine making health-care unit. What’s more, GE Power is mired in troubles with its gas turbines failures and related plant shutdowns.