United Technologies announced late Monday that it intends to separate into three companies: United Technologies, Otis and Carrier.
The industrial giant has scheduled an investor call for Tuesday at 8 a.m., ET.
Shares of United Technologies gained more than 2 percent in after-hours trading.
Activist investor Dan Loeb had pushed for United Technologies to split up into three businesses. CNBC previously reported that Loeb’s Third Point hedge fund had suggested in a letter breaking the company into an aerospace company, elevator company Otis and UTC Climate, Controls & Security. In that April letter, the hedge fund also disclosed a “significant stake” in United Technologies.
At the time, the company said it “disagrees with several of the assertions contained in the Third Point letter” but “is always open to the input of shareholders.”
Last week, the industrial giant received key antitrust approval from China for its $23 billion purchase of aircraft parts maker Rockwell Collins. The deal is the largest in aerospace history. The companies combined brought in nearly $67 billion in revenue last year.
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