United Technologies plans to split into three companies, the industrial giant has announced. The breakup, to be completed by 2020, signals a shift away from a kitchen-sink approach to industrial manufacturing in favor of generating returns by specializing in a single area of business. One of the entities will be called United Technologies with a focus on aerospace, wrapping up the company’s Collins Aerospace Systems and Pratt & Whitney units. Another will be Otis, manufacturing elevators and escalators, and the third will be Carrier, making heating and cooling equipment among other products.
“Our decision to separate United Technologies is a pivotal moment in our history and will best position each independent company to drive sustained growth,” the company’s chairman and chief executive, Gregory J. Hayes, said in a statement.
(Source: The New York Times, November 26, 2018)
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