NEW YORK (AP) – Industrial conglomerate United Technologies is planning to break itself into three independent companies now that it has sealed its $ 23 billion acquisition of aviation electronics maker Rockwell Collins
The company based in Farmington, Connecticut, is scheduled to call for investors for Tuesday.
The Wall Street Journal, citing people familiar with the matter, said the new companies will house United Technology's aerospace, building systems operations and otis, a maker of elevators, escalators and moving walkways. The building systems business incorporates the carrier air conditioning and heating brand.
On Friday, United Technologies said it received final regulatory approval for its deal for Rockwell Collins, a Cedar Rapids, Iowa-based maker of flight deck avionics, cabin electronics and cabin interiors.