Deals
United Technologies Plans Three-Way Split to Focus on Aerospace
- Otis Elevator, Carrier climate-controls units will be spun off
- Revamp follows Collins acquisition, pressure from Ackman, Loeb
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United Technologies Corp. will break itself up, capping months of pressure on Chief Executive Officer Greg Hayes to separate the conglomerate’s aerospace operations from its elevators and climate-controls divisions.
The company, buoyed by the just-completed $23 billion purchase of Rockwell Collins Inc., will retain its aerospace business and operate with two divisions: Pratt & Whitney jet engines and Collins Aerospace Systems. Otis Elevator Co. and Carrier, a provider of air conditioners and heating systems, will be spun off as independent companies, United Technologies said in a statement late Monday.