Carrier and Otis are to be spun off from UTC as part of the agreement to combine in an all-stock merger of equals between Raytheon Company and United Technologies Corp.
Carrier is a global provider of HVAC, refrigeration, building automation, fire safety and security products with leadership positions across its portfolio. Carrier achieved sales of $17.8 billion in 2017 through the company’s portfolio including industry-leading brands such as Carrier, Kidde, Edwards, LenelS2, Automated Logic, Interlogix and Chubb. UTC has appointed David L. Gatlinb as president and chief executive officer of Carrier.
Otis is the world’s leading manufacturer of elevators, escalators and moving walkways. Judith F. Marks has been appointed as president & chief executive officer of Otis, effective immediately.
“I’m pleased to announce these most important assignments as we make strong progress toward our goal of establishing both Carrier and Otis as stand-alone public companies and clear leaders in their respective industries,” said Greg Hayes, UTC chairman & CEO. “I have great confidence in Judy and Dave to drive strategic growth, lead their industries in innovation and customer focus, and maximize value creation for their respective shareowners, customers and employees.”
The Raytheon – UTC merger will create the world’s premier systems provider with advanced technologies to address rapidly growing segments within aerospace and defence. The combined company, which will be named Raytheon Technologies Corporation, will offer expanded technology and R&D capabilities to deliver innovative and cost-effective solutions aligned with customer priorities and the national defence strategies of the U.S. and its allies and friends.
