HARTFORD, Conn. (AP) -- United Technologies Corp. is combining its elevator and heating and climate controls businesses in a move aimed at making them more appealing to cities in emerging markets such as China.
The Hartford, Conn., aerospace giant announced on Monday the formation of UTC Building and Industrial Systems. The new unit combines Otis Elevator Co. and UTC Climate, Controls and Security.
Geraud Darnis was appointed president and CEO.
The division employs 120,000 employees and accounts for $29 billion in annual sales.
The organization's products include Otis elevators and escalators; Carrier heating, air-conditioning and refrigeration systems; and fire and security solutions from brands such as Kidde and Chubb.
Louis Chenevert, chief executive of United Technologies, said the newly formed business will help take advantage of opportunities in cities that are growing in emerging markets.