United Technologies Corp.’s board of directors on Wednesday approved the spinoffs of Farmington-based Otis Elevator and the Florida-based Carrier Corp.
The approvals come as UTC and Massachusetts-based defense giant Raytheon work to complete their $120-billion merger by April.
“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,” UTC CEO Greg Hayes said in a statement Wednesday.
As part of the spinoff, UTC shareholders will receive one share of Carrier common stock and half a share of Otis common stock for each share of UTC common stock they held on or before March 19, according to UTC.
When the Raytheon-UTC merger is complete, the combined companies will have their headquarters in Massachusetts, costing Connecticut a major corporate headquarters.
However, Gov. Ned Lamont said last June that Otis’ headquarters will remain in-state after its spinoff, and that the conglomerate intends to hire 1,000 workers at UTC’s Pratt & Whitney facilities in the state.
UTC had about 19,000 Connecticut employees as of September, according to HBJ’s Book of Lists. Worldwide, the company had more than 243,000 employees as of the end of 2019.
