United Technologies Corp. is considering a tax-free spinoff of its Sikorsky Aircraft subsidiary.
The possible spinoff is one of a number of options being evaluated by UTC's board of directors as part of a strategic review, it said.
"As part of the portfolio review announced last December, we are exploring strategic options for Sikorsky to determine the best way to enhance its long-term success and create improved long-term value for UTC's customers and shareholders," said UTC President and Chief Executive Officer Gregory Hayes.
"Today, Sikorsky is a world leader in the design, manufacture and service of military and commercial helicopter platforms. It has unmatched technological capabilities, outstanding people and a strong backlog.
"Looking to the future, we are evaluating whether Sikorsky's unique business as a rotorcraft OEM (original equipment manufacturer) with a predominately military customer base is best positioned as a stand-alone company, and whether a separation would allow United Technologies to better focus on providing high-technology systems and services to the aerospace and building industries."
UTC said its review of the corporation's business portfolio is expected to be completed by the end of this year but no specific timetable has been set.
"Likewise, no decision has been made on the timing or terms of any such transaction if one were to occur," UTC said.
