Carrier Parent to Split Into Three Companies

Posted: Updated:
United Technologies Corp. is the parent of Carrier Corp. United Technologies Corp. is the parent of Carrier Corp.
FARMINGTON, Conn. -

The Connecticut-based parent of Carrier Corp. has announced plans to divide into three independent companies. United Technologies Corp. (NYSE: UTX) Chief Executive Officer Gregory Hayes says the decision will best position each company to drive sustained growth and lead its industry in innovation and customer focus. The separation is expected to be complete in 2020.

The three companies that will come out of the separation include:

  • United Technologies: Comprised of Collins Aerospace Systems and Pratt & Whitney and will serve as a systems supplier to the aerospace and defense industry.
  • Otis: Manufacturer of elevators, escalators, and moving walkways. 
  • Carrier: Provider of HVAC, refrigeration, building automation, fire safety and security products.

The separation will occur through the spin-offs of Otis and Carrier, which remain subject to regulatory approval and final approval from the UTC Board of Directors. UTC says Hayes will oversee the transition and will continue in his current role as CEO of UTC once the transition is complete.

The company did not provide details on the future leadership of Otis and Carrier.

"Our products make modern life possible for billions of people," Hayes said in a news release. "I'm confident that each company will continue our proud history of performance, excellence and innovation while building an even brighter future. 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."

UTC made headlines in Indy two years ago when it announced a deal with then-President-elect Donald Trump to keep 1,100 Carrier jobs in Indianapolis, 800 of which were slated to move to Mexico. Carrier, however, continued with plans to eliminate nearly 600 jobs from its fan coil production operations, which were not part of the Trump deal. 

  • Perspectives

    • Want to Build a Culture of Experimentation? Embrace Failure First

      Failure. It’s not something all business leaders are comfortable embracing, yet it’s integral to success. That’s because failure signals attempt - and without those undertakings, none of the world’s greatest inventions would have ever come to fruition. So when company leaders decide they want to cultivate a culture of experimentation within their company, it’s important they understand the value of embracing failure. It’s not only a great way to...

    More

Subscribe

Name:
Company Name:
Email:
Confirm Email:
HTML
INside Edge
Morning Briefing
BigWigs & New Gigs
Life Sciences Indiana
Indiana Connections
INPower
Subscribe
Unsubscribe

Events



  • Most Popular Stories

    • Scotty's Brewhouse Files For Bankruptcy

      Indianapolis-based Scotty's Brewhouse has filed for Chapter 11 bankruptcy protection. The company says the decision was "driven largely by the challenges of some specific locations and was necessary because of the way the company was structured corporately." As a result of the deal, Scotty's will close four of its restaurants by the end of the year. In a news release provided to Inside INdiana Business...

    • Shelbyville to Debut Giant Sculpture

      Officials in Shelbyville will this evening unveil a new art installation in the city's downtown. The city says the four-story, $150,000 sculpture known as Blue River - Wind, Rain and Water anchors its ongoing commitment to public art.

    • Churubusco Company Acquired

      Cleveland-based Lincoln Electric Holdings Inc. (Nasdaq: LECO) has announced the acquisitions of two companies, one of which is located in Whitley County. Financial terms of the deal for Churubusco-based Pro Systems LLC and Coldwater Machine Company LLC in Ohio are not being disclosed.

    • Scotty's Brewhouse Founder Takes New Role

      Scott Wise will fill a familiar role in his new job, to open more Scotty's Brewhouse locations across the midwest. The Yorktown, Indiana native has joined Luke Family Brands as Vice President of restaurant operations.  Wise will now help to open a minimum of 10 Scotty's Brewhouses in college towns in major midwest cities. 

    • Work Begins on 16 Tech's First Building

      16 Tech developers have officially broken ground on the innovation district's first building, marking the beginning of an ambitious 10-year project. The $30 million Advanced Research and Innovation building is fully-leased and will anchor the 60-acre development. The facility, which will house the Indiana Biosciences Research Institute, Central Indiana Corporate Partnership and Indiana University School of Medicine researchers, is set to be complete in mid-2020.