Posted on: 29 November 2018 by Alexander Preston
United Technologies Corp. has officially completed the acquisition of Rockwell Collins, following the final regulatory approval by China’s State Administration for Market Regulation.
As a consequence, and following a year-long portfolio review, United Technologies will separate into three independent companies, with Collins Aerospace suppling electrical, mechanical and software solutions across all major segments of the aerospace industry and serving commercial and military customers.
“Our decision to separate United Technologies is a pivotal moment in our history and will best position each independent company to drive sustained growth, lead its industry in innovation and customer focus, and maximise value creation,” said United Technologies chairman and chief executive officer Gregory Hayes. “Our products make modern life possible for billions of people. I’m confident that each company will continue our proud history of performance, excellence and innovation while building an even brighter future.”
Gregory Hayes will oversee the transition and will continue in his current role as UTC Chairman and CEO following the separation.
The separation is expected to be completed in 2020, with separation activities occurring within the next 18-24 months. There can be no assurances regarding the ultimate timing of the separation or that the separation will be completed.
UTC’s acquisition of Rockwell Collins is one of the largest in aerospace history. It brings together Rockwell Collins and UTC Aerospace Systems to create Collins Aerospace Systems, an industry leader with a global presence of 70,000 employees in 300 sites and US$23 billion in annual sales on a 2017 pro forma basis.
“Collins Aerospace brings together two great companies with unmatched expertise in developing electrical, mechanical and software solutions,” said Hayes. “We will have a laser focus on developing innovative solutions for customers and generating strong returns for shareowners.”