United Technologies cuts Sikorsky helicopter business to focus on high-tech aerospace service

EnergyAssociated Press

United Technologies Corp. has announced it will separate its Connecticut-based Sikorksy Aircraft business as it exits the helicopter business.

The Hartford conglomerate says it will focus on high-technology systems and services to the aerospace and building industries. It says a decision on selling or spinning off Sikorsky will be made by the end of the third quarter.

Continue Reading Below

United Technologies has previously said Sikorsky didn't fit with plans for long-term growth.

Excluding Sikorsky, United Technologies expects 2015 earnings per share of $6.35 to $6.55 on sales of $58 to $59 billion. With Sikorsky, earnings per share are expected at $6.55 to $6.85, from $6.85 to $7.05.

United Technologies expects 10 cents to 20 cents per share of separation costs and a 10-cent per share decline in Sikorsky operations due to oil and gas market weakness.