NEW YORK (AP) – Industrial conglomerate United Technologies is planning to break itself into three independent companies now that it has sealed its $ 23 billion acquisition of aviation electronics maker Rockwell Collins.
The company based in Farmington, Connecticut, scheduled a call with investors for Tuesday that says it is to announce its intention to separate into three companies.
The Wall Street Journal, citing people familiar with the matter, said the new companies will house United Technology's aerospace, building systems operations and Otis, a maker of elevators, escalators and moving walkways. The building systems business includes the Carrier air conditioning and heating brand.
On Friday, United Technologies said it received final regulatory approval for its deal for Rockwell Collins, a Cedar Rapids, Iowa-based maker of flight deck avionics, electronic cabin and cabin interiors.