Wednesday, March 11, 2015

UTC explores spinoff for Sikorsky Aircraft business

United Technologies Corp. (UTC) announced Wednesday that its Board of Directors has authorized a review of strategic alternatives for the corporation's Sikorsky Aircraft business, including a potential tax-free spinoff.

"We are exploring strategic options for Sikorsky to determine the best way to enhance its long-term success and create improved long-term value for UTC's customers and shareholders," said UTC President & Chief Executive Officer Gregory Hayes.

Sikorsky is a world leader in the design, manufacture and service of military and commercial helicopter platforms.

"Looking to the future, we are evaluating whether Sikorsky's unique business as a rotorcraft OEM with a predominately military customer base is best positioned as a stand-alone company, and whether a separation would allow United Technologies to better focus on providing high-technology systems and services to the aerospace and building industries,” Hayes said.

UTC expects to conclude its strategic review before the end of the year. However, no specific timetable has been set, and there can be no assurance that a spinoff or any other transaction will take place. Likewise, no decision has been made on the timing or terms of any such transaction if one were to occur.

United Technologies is based in Hartford, Conn.

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