Boston, MA 09/25/2013 (wallstreetpr) – On Monday, United Technologies Corporation (NYSE:UTX) said that it will combine the company’s climate and elevator segments based on the urbanization trends that it has picked up on, in emerging markets like China. The 30-year old Geraud Darnis, a veteran in the company, will head the new Building and Industrial Systems business. This combined UTC Climate with Otis Elevator, Controls and Security said the company.
The building & industrials system business has a workforce of 120,000 employees and $29B in annual sales. This segment’s products include Otis escalators and elevators, air-conditioning, Carrier heating and refrigeration systems and fire & security solutions via brands like Chubb and Kidde.
Strategic positioning
Louis Chenevert, the Chief Executive officer of the company said that this new structure positions the company in a better way to take advantage of growth-opportunities as the emerging markets are becoming very lucrative marketplaces to conduct business in. In July, the company said that there was a 39% growth in orders for elevators from China in the Q2.
To a certain degree this was helped by the cities that were located in the western and central regions of the country. In 2011 September, Darnis had been made the President of the Climate Control &Security business. The company did not comment on whether any job cuts would result from the combination of businesses.
Tuesday’s trading
In Tuesday’s trading session, United Technologies Corporation (NYSE:UTX) stock rose by 0.53%. The shares had an opening price of $109.55 which climbed to an intraday high of $110.60 and dropped to a close of $110.00. Approximately 2.45 million shares were traded on Tuesday while an average volume of 3.01 million shares were traded over 30 days. The 52-week low of the shares was $74.44 and the 52-week high was $112.46. The company has a market cap of $100.93 billion.
