May 22, 2018

UTC to sell foodservice manufacturer for $1B

HBJ File Photo
HBJ File Photo

A unit of Farmington industrial conglomerate United Technologies Corp. has agreed to sell its foodservice manufacturer business to an Illinois company for $1 billion.

Florida-based UTC Climate, Controls & Security, a provider of heating, ventilating, air conditioning and refrigeration systems, plans to sell Taylor Co., a global manufacturer of beverage and food equipment such as ice cream dispensing equipment, to Illinois-based Middleby Corp.

The sale, which comes as UTC faces pressure from some investors to break up the conglomerate to improve shareholder value, is expected to close early in the third quarter.

UTC's Florida unit says the sale allows them to focus on its Carrier Transicold & Refrigeration Systems business and its strengths of transport and commercial refrigeration, "while providing Taylor Company with an excellent fit for its offerings…"

UTC's four main segments include Climate, Controls & Security, Otis Elevators Co., Pratt & Whitney aviation equipment and UTC Aerospace Systems.

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