You receive 500 shares of OTIS with a Cost Basis of $22,000 (closing price of OTIS on 02 April 2020 was $44.00 x … 2014 A spinoff of KEYS. Each business will also have the opportunity to attract a distinct shareowner base aligned to its growth profile and capital allocation priorities, and more appropriately aligned management, and employee incentives, all of which we believe will lead to a stronger business and create greater value over the long term. Carter Copeland of Melius Research values United Technologies at $159 a share and thinks equity in Otis and Carrier would be worth about $57 billion on a combined basis. Each party will file other documents regarding the proposed merger with the SEC. In connection with the proposed merger, on September 4, 2019, UTC filed with the SEC an amendment to the registration statement on Form S-4 originally filed on July 17, 2019, which includes a joint proxy statement of UTC and Raytheon that also constitutes a prospectus of UTC (the "joint proxy statement/prospectus"). Following the spin-off of Otis and Carrier, United technologies merged with Raytheon Co on 4/3 to form Raytheon Technologies. Prior to this, UTX announced its intent to spin off its non-aerospace businesses, elevator company Otis Worldwide Corp. and HVAC maker Carrier Global Corp. The … The stock of Carrier and Otis, units spun off by United Technologies, also … Each UTC shareowner will receive one (1) share of Carrier common stock and one-half (0.5) share of Otis common stock for every one (1) share of UTC common stock held on the record date. These documents may also be obtained free of charge from UTC by requesting them by mail at UTC Corporate Secretary, 10 Farm Springs Road, Farmington, CT, 06032, by telephone at 1-860-728-7870 or by email at [email protected]. The current valuation factors in the slowdown of the aerospace industry caused by the COVID-19 pandemic, which has hit aerospace companies, especially Boeing Cautionary Statement Regarding Forward-Looking Statements. (Photo credit should read JIM WATSON,NOVA SAFO/AFP via Getty Images). The documents filed by UTC with the SEC may be obtained free of charge at UTC's website at www.utc.com or at the SEC's website at www.sec.gov. OTIS manufactures people-moving products, including elevators, escalators, and moving walkways under its Otis business. United Technologies to split itself in three, spinning off Otis and Carrier United Technologies’ Pratt & Whitney division supplies the engine for the F-35 plane. 2.1 Form of Separation and Distribution Agreement by and among United Technologies Corporation, Otis Worldwide Corporation and Carrier Global Corporation ... completion of the spin-offs of Otis and Carrier and the Raytheon merger, UTC’s common stock will remain ... the Otis spin-off … ", Hayes continued, "Executing the separations of Carrier and Otis is also a major milestone to completing the merger of UTC's aerospace businesses with Raytheon to create Raytheon Technologies, the premier aerospace and defense systems and services provider. For those statements, we claim the protection of the safe harbor for forward-looking statements contained in the U.S. It merged with the Raytheon Company in April 2020 to form Raytheon Technologies. Carrier’s businesses enable modern life, delivering effi ciency, safety, security, comfort, productivity and sustainability across a wide range of residential, commercial and industrial applications. We initiate coverage on CARR with a ‘Buy’ rating and an implied upside of 27.1% from the current market price of $16.92 as on 4/3. For FY19, the business delivered a subdued performance and we expect the business to have slightly lower revenue and EBIT growth over the next two years. Raytheon Company and United Technologies Corporation on April 3, 2020, following the completion by United Technologies of its previously announced spin-offs of its Carrier and Otis businesses. We initiate coverage on OTIS with a ‘Hold’ rating and an implied upside of 9.9% from the current market price of $47.32 as on 4/3. 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