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United Technologies Corp will announce Tuesday its intention to separate into three companies, announced the company on its page devoted to investor relations.
PHOTO FILE: The United Technologies logo is posted on a screen at the post office where its shares are traded on the New York Stock Exchange (NYSE) in New York, United States, on September 5, 2017. REUTERS / Brendan McDermid / File Photo
REUTERS: United Technologies Corp. Monday announced the separation of its business into three companies, namely its aerospace unit, the Otis elevator division and its Carrier air-conditioning business.
Activist investors pushed the company to split the sprawling group of air conditioners.
Following the separation, UTC will include the recently closed Rockwell Collins aerospace parts business and the Pratt and Whitney engine unit.
"Our decision to separate United Technologies is a pivotal moment in our history and will best position each independent company to generate sustained growth," Chief Executive Greg Hayes said in a statement.
The separation is expected to be completed by 2020, the company said.
(Report by Ankit Ajmera in Bengaluru, edited by Shailesh Kuber and Sriraj Kalluvila)
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