United Technologies Board Of Directors Approves Separation Of Carrier And Otis

United Technologies Corp. announced that its Board of Directors approved the previously announced separations of Carrier and Otis.

It is expected that both Carrier and Otis will commence equity roadshows on or around mid-March 2020. Carrier's investor presentation will be available at www.Corporate.Carrier.com and Otis' investor presentation will be available at www.otis.com prior to the roadshows.

"We are taking another important step in the transformation of UTC and the establishment of two independent companies that are leaders in their respective industries with attractive investment profiles," said UTC Chairman and Chief Executive Officer Gregory Hayes. "As standalone public companies, Carrier and Otis are each well-positioned to drive sustained growth and innovation, with more focused business strategies that will enable them to maximize value for their customers and shareowners."

UTC expects that "when-issued" trading for Carrier's and Otis' respective common stocks will begin on or around March 18, 2020 on the NYSE under the symbol "CARR-WI" for Carrier and "OTIS-WI" for Otis, and will continue up to and through the distribution date. Following the completion of the separations on April 3, 2020, Carrier and Otis common stocks will begin "regular way" trading on the NYSE.