United Technologies explores strategic options for Sikorsky
United Technologies' board of directors has authorised the review of strategic alternatives for its Sikorsky Aircraft business, including a possible spin-off, the company announced on 11 March.
The strategic review is expected to be completed before the end of 2015, but no specific timetable has been set and it is not certain that a spinoff or any other transaction will take place. Furthermore, no decision has been made yet about the terms or timing of such a transaction.
Gregory Hayes, CEO and president, United Technologies Corp, noted that the company is evaluating whether Sikorsky's business as a rotorcraft manufacturer with a predominately military customer base is best positioned as a stand-alone company. It is also assessing whether separating the business would allow United Technologies to better focus on its customers in the aerospace and building industries.
Hayes said: '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.'
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