United Technologies this week announced its intention to separate into three different companies focused around aerospace; HVAC, safety and security; and elevators.
According to a company statement, United Technologies, comprised of Collins Aerospace Systems and Pratt & Whitney, “will be the preeminent systems supplier to the aerospace and defence industry.”
Otis, a manufacturer of elevators, escalators and moving walkways, and Carrier, a provider of HVAC, refrigeration, building automation, fire safety and security products, will continue as independent entities. UTC’s Climate, Controls & Security (CCS) division will be renamed Carrier going forward.
“Our decision to separate United Technologies is a pivotal moment in our history and will best position each independent company to drive sustained growth, lead its industry in innovation and customer focus, and maximize value creation,” said Gregory Hayes, United Technologies Chairman and CEO, in a statement.
“Our products make modern life possible for billions of people. I’m confident that each company will continue our proud history of performance, excellence and innovation while building an even brighter future. As standalone companies, United Technologies, Otis and Carrier will be ready to solve our customers’ biggest challenges, provide rewarding career opportunities, and contribute positively to communities around the world.”
UTC announced the completed acquisition of S2 Security and its subsequent merger with Lenel last month, creating LenelS2.
That brand now falls under the Carrier company, which also includes Kidde, Edwards, Chubb, Automated Logic and Interlogix among others.
Hayes will oversee the transition and will continue in his role as CEO of United Technologies. The separation is expected to be completed in 2020 with separation activities occurring in the next 18-24 months.