UTC SPIN-OFF COMPANY WITH $18B IN REVENUE TO BE BASED IN SOUTH FLORIDA

United Technologies will base one of its spin-off companies in South Florida after announcing plans to split into three separate entities.

On Nov. 26, Farmington, Connecticut-based company (NYSE: UTX) said it completed the acquisition of aerospace firm Rockwell Collins and will spin off its Otis elevators business and its Climate, Controls and Securities business, which would be renamed Carrier, into independent companies. The third entity will be called United Technologies.

The Climate, Controls and Security division will be based in Palm Beach Gardens, making it one of the largest public companies with headquarters in South Florida, according to spokeswoman Ashley Barrie.

In April, Carrier moved into the new Center for Intelligent Buildings in the city. The 224,000-square-foot building contains its offices, displays on the history of the company, plus a showcase for its many products, such as air conditioners, security systems and chillers. The company expects to have over 500 employees in the building.

Carrier posted sales of $17.8 billion in 2017. If it had been on the Business Journal’s list of largest Public Companies in South Florida, Carrier would have ranked No. 3, behind AutoNation (NYSE: AN), and just ahead of (NYSE: CCL) Carnival Corp.

Carrier has 55,000 global employees, Barrie said. Its brands include Kidde, Edwards, LenelS2 and Automated Logic.

Business Development Board of Palm Beach County President and CEO Kelly Smallridge noted that UTC also has a large Pratt & Whitney aerospace facility in Palm Beach County, plus a new 16,000-square-foot office for Rockwell Collins in downtown West Palm Beach.

“The Business Development Board’s strategy will be to work closely with UTC regarding any growth opportunities that could land in Palm Beach County,” Smallridge said. “With access to three international airports, Brightline, a regional population of 6.3 million and 53 percent bilingual, we are well positioned to land national and international headquarters. Palm Beach County is already home to 70 headquarter facilities.”

UTC said it expects to complete the spin off in 2020.

 

 

South Florida Business Journal