BA 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. 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. I am the author of the book Spin. Carrier business provides heating, ventilating, air conditioning (HVAC), refrigeration, fire, security, and building automation products, solutions, and services for residential, commercial, industrial, and transportation applications. Follow Otis on LinkedIn, YouTube and as @OtisElevatorCo on Twitter, Facebook and Instagram. The combined company’s expected enhanced technology and research and development capabilities, with a combined annual company and customer funded R&D spend of approximately $8 billion, over 60,000 engineers and 38,000+ patents, would help the combined company develop advanced products to meet customer priorities and the national defense strategies of the United States and its allies. ADP Spinoff of CDK, 10/1/2014, 87.36% Remaining Basis, 1 CDK/3 ADP. ZG Spinoff of Z shares, 2 for 1, 32.55% remaining basis 8/17/2015. We value Raytheon Technologies (RTX), formerly United Technologies, using 2020e EV/EBITDA methodology by valuing Raytheon and Otis (Spin-Off 1) & Carrier (Spin Off 2) separately. Otis is the world's leading manufacturer and maintainer of people-moving products, including elevators, escalators and moving walkways. 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. UTC expects that "when-issued" trading for Carrier's and Otis' respective common stocks will begin on or around March 18, 2020 on the NYSE under the symbol "CARR-WI" for Carrier and "OTIS-WI" for Otis, and will continue up to and through the distribution date. EV/EBITDA Valuation: We value Carrier at $21.50 per share by applying 2020e EV/EBITDA multiple of 9.8x. 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 … The cost basis allocations for the spinoffs are dependent on the prices used for United Technologies, Carrier Global and Otis Worldwide in the cost basis calculations for a spinoff. It is expected that both Carrier and Otis will commence equity roadshows on or around mid-March 2020. Shares of Otis Worldwide Corp opened at $43.75 and closed at $47.32 after trading between $41.80 and $49.30. Carrier is a leading global provider of innovative heating, ventilating and air conditioning (HVAC), refrigeration, fire, security and building automation technologies. 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. A] Raytheon Technologies: Raytheon Technologies Corporation is an aerospace and defense company that provides advanced systems and services under four industry leading businesses - Collins Aerospace Systems, Pratt & Whitney, Raytheon Intelligence & Space and Raytheon Missiles & Defense. 2014 A spinoff of KEYS. 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]. Following the spin-off of Otis and Carrier, United technologies merged with Raytheon Co on 4/3 to form Raytheon Technologies. March 11, 2020 ... or foreign tax consequences, as applicable, of the Carrier and Otis distributions. Otis Elevator Company is the world’s leading manufacturer of people-moving products, including elevators, escalators, and moving walkways, with significant recurring revenue from long-term maintenance contracts. UTC shareowners who hold shares of common stock on the record date of March 19, 2020 and decide to sell any of those shares before the distribution date should consult their stockbroker, bank or other nominee to understand whether, the shares of UTC common stock will be sold with or without entitlement to Carrier and Otis common stock distributed pursuant to the distributions. As part of that capital allocation independence, each company will be able to pursue its growth strategies through M&A, supported by its independent equity currencies. AAPL 7 for 1 Split. From time to time, oral or written forward-looking statements may also be included in other information released to the public. The assigned multiple is at a 9.7% discount to its median peer multiple. I reviewed the shares that were spun-off, and the allocation of cost basis. By combining a passion for science with precision engineering, the company is creating smart, sustainable solutions the world needs. This combine business generated total sales of $39 billion in 2017 on a pro forma basis. This would be critical, given the complex and rapidly evolving industry landscape. For more information, visit www.Corporate.Carrier.com or follow Carrier on social media at @Carrier. "As standalone public companies, Carrier and Otis are each well-positioned to drive sustained growth and innovation, with more focused business strategies that will enable them to maximize value for their customers and shareowners. United Technologies Board Of Directors Approves Separation Of Carrier And Otis And Declares Spin Off Distribution Of Carrier And Otis Shares Otis recorded sales of $13.1 billion in FY19. Upon separation, each company has the strategic focus, nimbler organizational & operating model, and financial flexibility to deliver innovative customer solutions and drive long-term value. No action is required by UTC shareowners to receive shares of Carrier and Otis common stock in the Carrier and Otis distributions. Spin-Offs often result in higher aggregate value for the constituent pieces. 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. Ned Lamont said Tuesday that the headquarters of Otis Elevator will remain in Connecticut after its spinoff from United Technologies Corporation, and … 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. The following describes, in general terms, a typical tax basis calculation for United States spinoffs. All forward-looking statements involve risks, uncertainties and other factors that may cause actual results to differ materially from those expressed or implied in the forward-looking statements. To learn more about UTC, visit the website or follow the company on Twitter: @UTC. On April 3, 2020, United Technologies Corp, renamed as Raytheon Technologies (NYSE: RTX, $49.93, Market Capitalization: $75.7 billion) completed the tax-free spin-off of … You receive 1000 shares of CARR with a Cost Basis of $13,280 (closing price of CARR on 02 April 2020 was $13.28 x 1000 shares). I have published “Spin-Off Research”, an institutional advisory report featuring analysis on spin-offs since March, 1997. We cannot and do not advise you. Cautionary Statement Regarding Forward-Looking Statements. Each distribution remains subject to certain conditions described in Carrier's and Otis' respective Registration Statements on Forms 10, as amended, including the Forms 10 having been declared effective by the U.S. Securities and Exchange Commission. BEAV spinoff of KLXI. The information statements are filed as exhibits to Carrier's and Otis' respective Registration Statements on Forms 10, and include information regarding the distributions of Carrier and Otis common stock, as well as the business, strategy and priorities for each respective company and certain risks of owning Carrier and Otis common stock and other information regarding the separations and distributions. The stock of Carrier and Otis, units spun off by United Technologies, also … Carrier's investor presentation will be available at www.Corporate.Carrier.com and Otis' investor presentation will be available at www.otis.com prior to the roadshows. CEI Cash Plus Stock Merger with ENLC. 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. On the first day of ‘regular-way’ trading, shares of RTX opened at $51.00 and closed at $49.93 after trading between $48.05 and $53.30. Similarly, shares of Carrier Global Corp opened at $13.75 and closed at $16.92 after trading between $13.38 and $17.00. Carrier Global Corp. started trading on the New York Stock Exchange Friday after completing its spin-off from United Technologies Corp. Founded 165 years ago, Otis a leader in the approximately $75 billion global elevator and escalator industry. United Technologies Board Of Directors Approves Separation Of Carrier And Otis And Declares Spin Off Distribution Of Carrier And Otis Shares - "When-issued" trading expected to begin on March 18, 2020 , which has disrupted the aerospace supply chain. These forward-looking statements are intended to provide management's current expectations or plans for our future operating and financial performance, based on assumptions currently believed to be valid. Closer to the ground, United Technologies and its Otis company is the world's largest elevator manufacturer and sells a slew of other products to residential and commercial buildings. OTIS manufactures people-moving products, including elevators, escalators, and moving walkways under its Otis business. 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"). Such risks, uncertainties and other factors include, without limitation: (1) the effect of economic conditions in the industries and markets in which UTC and Raytheon operate in the U.S. and globally and any changes therein, including financial market conditions, fluctuations in commodity prices, interest rates and foreign currency exchange rates, levels of end market demand in construction and in both the commercial and defense segments of the aerospace industry, levels of air travel, financial condition of commercial airlines, the impact of weather conditions, pandemic health issues and natural disasters, and the financial condition of our customers and suppliers, and the risks associated with U.S. government sales (including changes or shifts in defense spending due to budgetary constraints, spending cuts resulting from sequestration, a government shutdown, or otherwise, and uncertain funding of programs); (2) challenges in the development, production, delivery, support, performance and realization of the anticipated benefits (including our expected returns under customer contracts) of advanced technologies and new products and services; (3) the scope, nature, impact or timing of the proposed merger with Raytheon and the separation transactions and other merger, acquisition and divestiture activity, including among other things the integration of or with other businesses and realization of synergies and opportunities for growth and innovation and incurrence of related costs and expenses; (4) future levels of indebtedness, including any indebtedness incurred in connection with the proposed merger with Raytheon and the separation transactions, and capital spending and research and development spending; (5) future availability of credit and factors that may affect such availability, including credit market conditions and our capital structure; (6) the timing and scope of future repurchases by the combined company of its common stock, which may be suspended at any time due to various factors, including market conditions and the level of other investing activities and uses of cash; (7) delays and disruption in delivery of materials and services from suppliers; (8) company and customer-directed cost reduction efforts and restructuring costs and savings and other consequences thereof (including the potential termination of U.S. government contracts and performance under undefinitized contract awards and the potential inability to recover termination costs); (9) new business and investment opportunities; (10) the ability to realize the intended benefits of organizational changes; (11) the anticipated benefits of diversification and balance of operations across product lines, regions and industries; (12) the outcome of legal proceedings, investigations and other contingencies; (13) pension plan assumptions and future contributions; (14) the impact of the negotiation of collective bargaining agreements and labor disputes; (15) the effect of changes in political conditions in the U.S. and other countries in which UTC, Raytheon and the businesses of each operate, including the effect of changes in U.S. trade policies or the U.K.'s withdrawal from the European Union, on general market conditions, global trade policies and currency exchange rates in the near term and beyond; (16) the effect of changes in tax (including U.S. tax reform enacted on December 22, 2017, which is commonly referred to as the Tax Cuts and Jobs Act of 2017), environmental, regulatory and other laws and regulations (including, among other things, export and import requirements such as the International Traffic in Arms Regulations and the Export Administration Regulations, anti-bribery and anti-corruption requirements, including the Foreign Corrupt Practices Act, industrial cooperation agreement obligations, and procurement and other regulations) in the U.S. and other countries in which UTC, Raytheon and the businesses of each operate; (17) negative effects of the announcement or pendency of the proposed merger or the separation transactions on the market price of UTC's and/or Raytheon's respective common stock and/or on their respective financial performance; (18) the ability of the parties to receive the required regulatory approvals for the proposed merger (and the risk that such approvals may result in the imposition of conditions that could adversely affect the combined company or the expected benefits of the transaction) and to satisfy the other conditions to the closing of the merger on a timely basis or at all; (19) the occurrence of events that may give rise to a right of UTC or Raytheon or both to terminate the merger agreement; (20) risks relating to the value of the UTC shares to be issued in the proposed merger with Raytheon, significant transaction costs and/or unknown liabilities; (21) the possibility that the anticipated benefits from the proposed merger with Raytheon cannot be realized in full or at all or may take longer to realize than expected, including risks associated with third party contracts containing consent and/or other provisions that may be triggered by the proposed transaction; (22) risks associated with transaction-related litigation; (23) the possibility that costs or difficulties related to the integration of UTC's and Raytheon's operations will be greater than expected; (24) risks relating to completed merger, acquisition and divestiture activity, including UTC's integration of Rockwell Collins, including the risk that the integration may be more difficult, time-consuming or costly than expected or may not result in the achievement of estimated synergies within the contemplated time frame or at all; (25) the ability of each of UTC, Raytheon and the companies resulting from the separation transactions and the combined company to retain and hire key personnel; (26) the expected benefits and timing of the separation transactions, and the risk that conditions to the separation transactions will not be satisfied and/or that the separation transactions will not be completed within the expected time frame, on the expected terms or at all; (27) the intended qualification of (i) the merger as a tax-free reorganization and (ii) the separation transactions as tax-free to UTC and UTC's shareowners, in each case, for U.S. federal income tax purposes; (28) the possibility that any opinions, consents, approvals or rulings required in connection with the separation transactions will not be received or obtained within the expected time frame, on the expected terms or at all; (29) any financing transactions undertaken in connection with the proposed merger with Raytheon and the separation transactions and risks associated with additional indebtedness; (30) the risk that dissynergy costs, costs of restructuring transactions and other costs incurred in connection with the separation transactions will exceed UTC's estimates; and (31) the impact of the proposed merger and the separation transactions on the respective businesses of UTC and Raytheon and the risk that the separation transactions may be more difficult, time-consuming or costly than expected, including the impact on UTC's resources, systems, procedures and controls, diversion of its management's attention and the impact on relationships with customers, suppliers, employees and other business counterparties. You may opt-out by. Carrier is a leading global provider of innovative HVAC, refrigeration, fire, security, and building automation technologies. Raytheon Technologies Price Performance and Top 5 Shareholders. Post spin-off, Raytheon will focus on defence and aerospace business while Otis will consist of Elevator business, which will focus on its electrical enclosures, electric heat tracing solutions, heat management systems, and electrical and fastening solutions, and similarly, Carrier will focus on its HVAC, refrigeration, fire and security solutions. United Technologies Board Of Directors Approves Separation Of Carrier And Otis And Declares Spin Off Distribution Of Carrier And Otis Shares … Beginning on or around March 18, 2020 and continuing up to and through the distribution date, there will be two markets in UTC common stock on theNYSE: a "regular-way" market under the symbol "UTX," in which UTC shares will trade with the right to receive shares of Carrier and Otis common stock distributed pursuant to the distributions, and an "ex-distribution" market under the symbol "UTX-WI," in which UTC shares will trade without the right to receive shares of Carrier and Otis common stock distributed pursuant to the distributions. Raytheon Technologies shares began trading after Raytheon and United Technologies merged. The company, formed through the combination of Raytheon Company and the United Technologies Corporation aerospace businesses, is headquartered in Waltham, Massachusetts. United Technologies Corporation UTX moved a step forward toward the separation of its Otis and Carrier businesses into two independent companies, as it received a … We arrive at an average intrinsic value for Raytheon Technologies (RTX) at $58.00 per share. Many diversified companies are electing to spin-off parts of their business finding they can create significant value for shareholders. FAKE can now be hidden and it should be: dropping $23.66 per share in one day. 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. - "When-issued" trading expected to begin on March 18, 2020, - Record date for distribution of Carrier and Otis shares will be March 19, 2020, - Distribution date for Carrier and Otis shares anticipated to be April 3, 2020. (Photo credit should read JIM WATSON,NOVA SAFO/AFP via Getty Images). Tax treatment varies with circumstances. 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