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. United Technologies expects to complete the separation in 2020.