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UTC to separate into three companies

United Technologies Corporation (UTC) recently announced the completion of its acquisition of Rockwell Collins and the company's intention to separate its commercial businesses, Otis and Carrier (formerly CCS), into independent entities. The separation will result in three global companies:

• United Technologies, comprised of Collins Aerospace Systems and Pratt & Whitney, will be systems supplier to the aerospace and defence industry; Collins Aerospace was formed through the combination of UTC Aerospace Systems and Rockwell Collins;

• Otis, a manufacturer of elevators, escalators and moving walkways; and

• Carrier, a global provider of HVAC, refrigeration, building automation, fire safety and security products with leadership positions across its portfolio.

"Our decision to separate United Technologies is a pivotal moment in our history and will best position each independent company to drive sustained growth, lead its industry in innovation and customer focus, and maximise value creation," said United Technologies chairman and CEO, Gregory Hayes. "Our products make modern life possible for billions of people. I'm confident that each company will continue our proud history of performance, excellence and innovation while building an even brighter future. As stand-alone companies, United Technologies, Otis and Carrier will be ready to solve our customers' biggest challenges, provide rewarding career opportunities, and contribute positively to communities around the world."

Carrier will be a global provider of HVAC, refrigeration, fire, security and building automation technologies with 2017 sales of $17.8 billion. The company's portfolio includes brands such as Carrier, Kidde, Edwards, LenelS2 and Automated Logic. The company has released more than 200 new products over the last two years.

The separation is expected to be completed in 2020, with separation activities occurring within the next 18-24 months.

For more information, contact UTC Fire & Security, +27 11 579 7300, [email protected], www.firesecurityproducts.com

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