United Technologies to break into 3 independent companies

United Technologies announced plans to split itself into three independent companies.

The decision follows its $23 billion acquisition of aviation electronics maker Rockwell Collins.

"Our decision to separate United Technologies is a pivotal moment in our history and will best position each independent company to drive sustained growth, lead its industry in innovation and customer focus, and maximize value creation," said United Technologies CEO Gregory Hayes.

The three companies are United Technologies, for its aerospace and defense industry supplier businesses; Otis, for elevators, escalators and moving walkways; and Carrier, for air conditioning and building systems.

Read more from The Associated Press.