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UTC board approves Carrier spin-off

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.”

Related stories:

Carrier reveals plans for April spin-off10 February 2020
USA: Carrier plans to invest in its global sales force and product innovation, while making $600m reductions in supply chain costs when it separates from UTC in early April. Read more…

Carrier spin off plans “substantially complete”29 January 2020
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. Read more…

Faraci to head Carrier board, post spin-off11 December 2019
USA: John Faraci, a United Technologies director since 2005, will serve as executive chairman of air conditioning and refrigeration equipment manufacturer Carrier following the company’s planned spin off next year. Read more…

Gitlin appointed Carrier president and CEO10 June 2019
USA: United Technologies (UTC) has appointed David L Gitlin as president and CEO of its Carrier air conditioning and refrigeration business in advance of its planned spin off next year. Read more…

UTC to spin off Carrier business27 November 2018
USA: Air conditioning and refrigeration equipment manufacturer Carrier is to become a separate independent company after parent United Technologies (UTC) announced its spin off yesterday. Read more…

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