U.S. technology giant plans to divide into 3 entities

Source: Xinhua| 2018-11-27 15:13:03|Editor: xuxin
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WASHINGTON, Nov. 26 (Xinhua) -- United Technologies Corp. announced on Monday that the company has the intention to separate its commercial businesses into independent entities.

The Connecticut-based company first announced that its acquisition of Rockwell Collins, an avionics and information technology systems provider, was completed. The company anticipated the acquisition could add 0.15 to 0.20 U.S. dollars to adjusted earnings per share of its stocks in 2019.

After the acquisition and separation, there could be three separate companies according to the announcement, including the aerospace and defense industry supplier United Technologies, the elevators manufacturer Otis, and the air conditioning product maker Carrier.

"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, Chairman and Chief Executive Officer of United Technologies.

The company expected that the separation would be completed in 2020. However, the company said it would not guarantee the ultimate timing of the separation or whether the separation will be finally completed.

"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," Hayes said.

The company is a major provider of commercial and military jet engines, electronics and other high-tech products, which were fitted in a large number of advanced airliners built by Boeing and Airbus, as well as the United States Air Force jet fighters such as F-35s and F-22s.