UTC completes merger with Raytheon, Carrier now officially an independent company

April 6, 2020
Company begins trading as a separate entity on the NYSE

Nearly a year and a half after first announcing that it planned to split the business into three independent companies, United Technologies Corp. (UTC) on Friday officially completed its merger with defense giant Raytheon, while Carrier – which now encompasses the company’s security and climate controls business ­– and Otis began trading as separate entities on the New York Stock Exchange (NYSE).

The new independent Carrier, which features LenelS2, Onity, Supra, Chubb, Edwards and Kidde among its security and fire protection brands, has approximately 53,000 employees and operates in more than 160 countries around the globe. One of the company’s other core security brands, Interlogix, was shuttered at the end of 2019.

In a statement announcing the move, Carrier said it will now have a “greater focus and enhanced agility based on its own distinct operating priorities and strategies for long-term growth and profitability, including strengthening and growing its core businesses, extending its product range and geographical coverage, and expanding service and digital offerings.”

“Against the backdrop of unprecedented global uncertainty, Carrier and its employees remain focused and continue to solve critical challenges – from improving indoor air quality, protecting the world’s food and pharmaceutical supply and keeping people safe and secure. I am honored to lead this fantastic company and now, more than ever, I am incredibly proud of the perseverance and resiliency of our talented workforce,” Carrier President & CEO Dave Gitlin said in the statement. “For more than a century, Carrier has been a symbol of excellence, and today, as a standalone company, we have defined our own strategy, vision, culture and priorities. We have an unmatched legacy and look forward to delivering sustainable long-term growth to our shareowners and other stakeholders.”