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The American group United Technologies wants to split into three companies and responds to requests from activist investors. The Otis elevator division and the Carrier air-conditioning division will be separated from United Technologies and listed independently on the stock market, as announced by the company on Tuesday night. The aerospace division of engine manufacturer Pratt & Whitney becomes the heart of United Technologies. With the acquisition of $ 30 billion from the aircraft supplier Rockwell Collins, the division had reached the required size.
United Technologies director Gregory Hayes had already indicated that he wanted to follow the calls of activist investors Daniel Loeb (Third Point) and William Ackman (Pershing Square) after a split. "Our decision is a turning point in our history and will place the three independent companies in the best position for sustainable growth," said Hayes. He wants to stay at the helm of United Technologies. With Rockwell Collins, a manufacturer of embedded electronics and aircraft interiors, the group is one of the industry's leading suppliers to customers such as Boeing and Airbus.
The shares of the two listed derivatives companies must be listed in the securities accounts by 2020 at the latest. These spin-offs have recently become fashionable, as investors believe that different parts of a conglomerate are worth more than their total value.
With a market capitalization of $ 102.5 billion, United Technologies is one of the largest companies, divided into three parts. Pratt & Whitney and Rockwell Collins have combined revenues of $ 39 billion, Otis $ 12.3 billion and Carrier $ 17.8 billion. The latter would be easier to take care of than part of a conglomerate. Otis is a direct competitor of the elevator division of ThyssenKrupp and Carrier could be of interest to Siemens' construction technology division.
The two German companies pursue a strategy similar to that of United Technologies: ThyssenKrupp intends to split into two companies, also under the pressure of investors: Siemens has launched the wind activities (Siemens Gamesa) and the medical devices. the girl on the train.
(Reuters)
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