United Technologies to Separate Into Three Independent Companies

By Dana Mattioli and Thomas Gryta

United Technologies Corp. has decided to separate itself into three independent companies, breaking apart one of America's last industrial conglomerates, people familiar with the matter said.

The company, which makes everything from Otis elevators to Pratt & Whitney jet engines, plans to brief investors on its breakup plans as early as Tuesday, the people said.

The three pieces would be aerospace, the Otis division, and the company's building systems division, which include its Carrier brand of heating and cooling equipment.

The company was formed in 1934 and has a market value of $103 billion.

It has expanded by swallowing up other players, most recently a $23 billion deal to buy aerospace rival Rockwell Collins Inc., which is expected to close this week after a long regulatory review process.

Write to Dana Mattioli at dana.mattioli@wsj.com and Thomas Gryta at thomas.gryta@wsj.com

(END) Dow Jones Newswires

November 26, 2018 18:20 ET (23:20 GMT)

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