UTC board approves Carrier spin-off
11th March 2020
USA: The board of United Technologies Corp (UTC) has approved the previously announced separations of Carrier and Otis, and plans to complete the spin-off on April 3.
UTC expects that “when-issued” trading for Carrier’s and Otis’ respective common stocks will begin on or around March 18, on the NYSE. Completion of the separations are expected on April 3, at which time Carrier and Otis common stocks will begin “regular way” trading on the NYSE.
“We are taking another important step in the transformation of UTC and the establishment of two independent companies that are leaders in their respective industries with attractive investment profiles,” said UTC chairman and chief executive officer Gregory Hayes. “As standalone public companies, Carrier and Otis are each well-positioned to drive sustained growth and innovation, with more focused business strategies that will enable them to maximise value for their customers and shareowners.”
UTC announced the spin-off of air conditioning and refrigeration equipment manufacturer Carrier and Otis’ elevator business in 2018 following UTC’s purchase of aerospace company Rockwell Collins.
Hayes continued, “Executing the separations of Carrier and Otis is also a major milestone to completing the merger of UTC’s aerospace businesses with Raytheon to create Raytheon Technologies.”
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