It’s official: UTC to separate sputtering Sikorsky helicopter division
by The Associated Press
The Hartford, Conn.-based conglomerate will focus on supplying high-technology systems and services to the aerospace and building sectors
HARTFORD, Conn.—United Technologies Corp. (UTC) has announced it will separate its troubled Sikorsky Aircraft business as it exits the helicopter business.
The Hartford, Conn.-based conglomerate says it will focus on high-technology systems and services to the aerospace and building industries. It says a decision on selling or spinning off Sikorsky will be made by the end of the third quarter.
United Technologies has previously said Sikorsky didn’t fit with plans for long-term growth.
Excluding Sikorsky, United Technologies expects 2015 sales of $58 billion to $59 billion.
UTC in early June 2015 announced 1,400 job cuts in Connecticut, Pennsylvania and Poland.
United Technologies expects 10 cents to 20 cents per share of separation costs and a 10-cent per share decline in Sikorsky operations due to oil and gas market weakness.
