Carrier spin off plans “substantially complete”

USA: United Technologies’ (UTC) plans to spin off its Carrier air conditioning and refrigeration subsidiary are “substantially complete” and expected to happen early in the second quarter of 2020.

Speaking at the announcement of its fourth quarter financial report, UTC chairman and CEO Gregory Hayes said “Operational separation activities for Otis and Carrier are substantially complete, and we are executing the final steps required to spin both businesses as independent companies early in the second quarter.”

The spin off was announced in November 2018, following UTC’s acquisition of aerospace company Rockwell Collins which made UTC an industry-leading aerospace systems supplier.

While UTC as a group delivered record sales of $19.6bn in the fourth quarter, up 8% on 2018, Carrier fared less well, seeing sales drop 2.8% to 4.5bn compared to 2018. Carrier sales for the year were 18.6bn, down around 1.7% on 2018.