United Technologies (UTX) plans to specialize in three independent entities, pursue the group of frosts like general electric or honeywell and dislocating one of the last major US. It. Industrial conglomerates.
Seo Gregory Hayes has already discussed the idea of a splitting of the company, which is currently worth $ 103 billion in the stock market.
And two activist investment companies, Daniel Loeb's third point and Bill Axman's poring Square Capital, have been publicly charged for this option in recent months.
The decision to break United Technologies finally fell on Monday.
One of the new companies that will operate from the operation will be loyal to aononautics.
UTX, headquartered in Farmington, Connecticut, has been in its portfolio of Pratt & Whitney Reactors, which combines both military aircraft as the Lockshead Martin F 35 and the Airbus A320.
To complete its aerospace equipment and equipment business, the group announced in 2017 the $ 30 billion purchase-out, including debt, from aeronautical equipment manufacturer RoWell Collins. UTX has just financed the acquisition.
The new entity comprised the various subsidiaries, whose sales in 2017 amounted to $ 39 billion, will retain the name of United Technologies and Gregory Hayes will remain the host, details a statement.
Another company, Otis, will be dedicated to lifts and escalators. Established in 1854, it will return its independence, purchased by United Technologies in 1976.
A third company should be under the name of the carrier, air conditioning and safety equipment.
– Key Moment –
"The decision we made to particular United Technologies is a key moment in our history and will better position each of the entities to fuel their growth, drive innovation in their respective industries and maximize value creation" for shareholders, commenting on the CEO of the company, Quoted in the report.
"Our products give billions access to modern life (…) as independent entities, United Technologies, Otis and Career will be ready to solve the most difficult problems of our customers, to bring career opportunities and contribute positively to communities around the world. "He adds.
The company is counting on a finalization of the operation, which remains subject to the approval of the competent authorities, by 2020.
The establishment of companies under one roof of various industrial activities has a seasonal vogue in the United States. But this strategy does not seem to make any more prescription.
Industry jians are diverting their various divisions to focus on their core business or be more flexible.
A flagship period per excellent in the United States industry, General Electric is so in the process of relinquishing many subsidiaries to face the difficulties of its energy division and trying to keep its fall on the stock market.
Honeywell recently split two activities.
And DowDuPont, born in 2017 of more than $ 130 billion wedding of two US dollars. It. Agrochemical Groups, Dow Chemical and DuPont, are preparing for a split in three entities.
On Wall Street, the announcement of United Technologies is well received by investors: In electronic trading on Monday, the stock amounted to 1.63%.