United Technologies says weighing possible Sikorsky spinoff

AP News
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Posted: Mar 11, 2015 9:23 PM

HARTFORD, Conn. (AP) — United Technologies said Wednesday it is weighing options for its Sikorsky Aircraft division, including a possible spinoff of the maker of Black Hawk and other military and commercial helicopters.

The Hartford, Connecticut, company said it hasn't set a timetable for any action regarding Sikorsky and that there's no guarantee it will spin off the unit.

Sikorsky accounted for about $7.5 billion of United Technologies' total sales of $65 billion last year. The conglomerate's other divisions include jet engine manufacturer Pratt & Whitney and Otis elevator.

The company is looking into whether spinning off Sikorsky "would allow United Technologies to better focus on providing high-technology systems and services to the aerospace and building industries," CEO Gregory Hayes said in a statement.

United Technologies said it will give further details on its plans for Sikorsky at its annual meeting with investors and analysts on Thursday.