United Technologies (UTX) Exploring Options for Sikorsky Aircraft Unit
Get Alerts UTX Hot Sheet
Join SI Premium – FREE
Late Wednesday, United Technologies (NYSE: UTX) announced that its Board of Directors has authorized a review of strategic alternatives for the corporation's Sikorsky Aircraft business, including a potential tax-free spinoff.
"As part of the portfolio review announced last December, we are exploring strategic options for Sikorsky to determine the best way to enhance its long-term success and create improved long-term value for UTC's customers and shareholders," said UTC President & Chief Executive Officer Gregory Hayes.
"Today, Sikorsky is a world leader in the design, manufacture and service of military and commercial helicopter platforms. It has unmatched technological capabilities, outstanding people and a strong backlog," added Hayes. "Looking to the future, we are evaluating whether Sikorsky's unique business as a rotorcraft OEM with a predominately military customer base is best positioned as a stand-alone company, and whether a separation would allow United Technologies to better focus on providing high-technology systems and services to the aerospace and building industries."
UTC expects to conclude its strategic review before the end of the year. However, no specific timetable has been set, and there can be no assurance that a spinoff or any other transaction will take place. Likewise, no decision has been made on the timing or terms of any such transaction if one were to occur.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Morgan Stanley CEO: investment banking momentum is building - Conference Call
- Games Global (GGL) Files for Proposed IPO
- TScan Therapeutics, Inc (TCRX) Provides Clinical Pipeline Update, Highlights Near-Term Priorities
Create E-mail Alert Related Categories
Corporate News, Hot Corp. News, IPOs, Management Comments, SpinoffsSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!