United Technologies to separate into three companies

 United Technologies to separate into three companies

(Reuters) - United Technologies Corp said on Monday it would separate into three companies consisting of its aerospace unit, Otis elevators division and its Carrier air-conditioning business.

The company has been under pressure from activist investors to split the sprawling jet engine-to-air conditioner group.

Following the separation, UTC will consist of the recently closed Rockwell Collins aero parts business and the Pratt and Whitney engines unit.

"Our decision to separate United Technologies is a pivotal moment in our history and will best position each independent company to drive sustained growth," Chief Executive Greg Hayes said in a statement.

The separation is expected to be completed in 2020, the company said.

(Reporting by Ankit Ajmera in Bengaluru; Editing by Shailesh Kuber and Sriraj Kalluvila)

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Updated Date: Nov 27, 2018 06:05:07 IST