UTC will give up its carrier activity

United States: The manufacturer of air conditioning and refrigeration equipment, Carrier, is to become an independent company after the parent company, United Technologies (UTC), announced its spin-off yesterday.

The decision, which had already been rumored, follows UTC's purchase of Rockwell Collins Aerospace Corporation, making UTC one of the leading aerospace systems suppliers in the industry.

As a result, UTC announced its intention to separate into three independent companies by ceding its Carrier and Otis elevator operations.

"Our decision to separate United Technologies is a pivotal moment in our history and will allow each independent company to generate sustained growth, lead its industry in innovation and customer focus, and maximize value creation," said Gregory Hayes, President and CEO of UTC.

Currently known as Climate, Controls & Security (CCS), Carrier is one of the world's leading suppliers of HVAC, refrigeration, fire, security and building automation technologies. . Its turnover is $ 17.8 billion in 2017. The company's portfolio includes leading brands such as Carrier, Kidde, Edwards, LenelS2 and automated logic.

Gregory Hayes will oversee the transition and will remain in his current role as UTC President and CEO after the separation, which is expected to end in 2020.

"I am confident that every company will continue its proud tradition of performance, excellence and innovation while building an even brighter future," said Hayes. As independent companies, United Technologies, Otis and Carrier will be ready to solve our clients' greatest challenges, offer rewarding career opportunities and make a positive contribution to communities around the world. "

UTC says the three independent companies "will be capitalized appropriately" with the financial flexibility to take advantage of future growth opportunities. "Each company," he said, "will be better positioned to apply a capital allocation strategy that is more relevant to its sector and its respective risk and return profile, and will benefit from greater flexibility. thanks to an independent participation motto and better aligned incentives for management and employees ".

Carrier founder Willis Carrier, who widely credited with the invention of modern air conditioning, founded Carrier Engineering Corporation in 1915. The company was acquired by United Technologies Corporation in July 1979.