[ad_1]
NEW YORK (AP) – United Technologies is dividing into three independent companies now that it has sealed its acquisition of aeronautical electronics maker Rockwell Collins, for a total of $ 23 billion.
The company's announcement Monday was the latest by a sprawling industrial conglomerate that decided it would be more efficient and more targeted as smaller and separate entities.
"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 target its customers, as well as maximize the creation of value, "said United Technologies chief executive Gregory Hayes.
The three companies will be United Technologies, which will host its activities as suppliers to the aerospace and defense industry; Otis, manufacturer of elevators, escalators and moving walkways; and the Carrier business air conditioning and building systems.
The separation is expected to be completed in 2020, said United Technologies.
United Technologies announced Friday that it has received final regulatory approval for its contract with Rockwell Collins, a manufacturer of cockpit avionics, cabin electronics and cabin interiors, based in Cedar Rapids, Iowa. The newly created combined aerospace company reportedly generated a turnover of about $ 39 billion last year, United Technologies said.
Hayes will remain as CEO of the aerospace industry. The company has not appointed leaders for the separate Otis and Carrier businesses.
Founded in 1934, United Technologies is based in Farmington, Connecticut, and currently employs approximately 205,000 people. He did not say if jobs would be lost during the breakup.
The company was mired in politics in 2016 when presidential candidate Donald Trump criticized the plan to close a Carrier plant in Indianapolis and relocate its production to Mexico. A few weeks after Trump's election victory, Carrier announced the signing of an agreement between the president-elect and nearly 800 jobs in Indianapolis, where the company is committed to maintaining close to 1,100 jobs. That's about 1,600 jobs in factories, offices and engineering.
[ad_2]
Source link
