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Gregory Hayes: UTC to Mull Sikorsky Aircraft Spinoff

Gregory Hayes
Gregory Hayes

United Technologies Corp. (NYSE: UTX) is eyeing a potential spinoff of UTC subsidiary Sikorsky Aircraft as part of a strategic review into the helicopter manufacturing business.

“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, ” Gregory Hayes, UTC president and CEO, said Wednesday.

Hayes added the review is aimed to assess whether Sikorsky can better operate as an independent company and if a spinoff of the business would allow UTC to focus on its core portfolio.

UTC is set to discuss the initiative during the company’s annual investor and analyst meeting on Thursday and expects the Sikorksy strategic review to wrap up before the end of this year.

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