United Technologies mulls helicopter division spin-off
Company said it hasn't set a timetable for any action regarding Black Hawk helicopter maker Sikorsky
HARTFORD, Conn.—United Technologies (UTC) is weighing options for its Sikorsky Aircraft division, including a possible spinoff of the maker of Black Hawk and other military and commercial helicopters.
The Hartford, Conn., aerospace, defence and technology 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 UTC’s 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.
UTC said it will give further details on its plans for Sikorsky at its annual meeting with investors and analysts on March 11.