United Technologies weighing possible spinoff for Sikorsky helicopter
Aerospace giant looking to further focus on high-tech aerospace and building systems, services.0
The Hartford, Connecticut, company said it hasn’t set a timetable for any action regarding Sikorsky and that there’s no guarantee it will spin off the unit.
Sikorsky accounted for about $7.5 billion of United Technologies’ total sales of $65 billion last year. The conglomerate’s other divisions include jet engine manufacturer Pratt & Whitney and Otis elevator.
The company is looking into whether spinning off Sikorsky “would allow United Technologies to better focus on providing high-technology systems and services to the aerospace and building industries,” CEO Gregory Hayes said in a statement.
United Technologies said it will give further details on its plans for Sikorsky at its annual meeting with investors and analysts on Thursday.
© 2015 The Canadian Press