You receive 500 shares of OTIS with a Cost Basis of $22,000 (closing price of OTIS on 02 April 2020 was $44.00 x … Carrier's Form 10 has been filed by Carrier Global Corporation with the SEC and Otis' Form 10 has been filed by Otis Worldwide Corporation with the SEC and the Forms 10 can be found on UTC's website at www.utc.com. The current valuation factors in the decline in the multiples due to the impact of COVID-19 virus and the resulting economic slowdown. Each distribution remains subject to certain conditions described in Carrier's and Otis' respective Registration Statements on Forms 10, as amended, including the Forms 10 having been declared effective by the U.S. Securities and Exchange Commission. The information statements are filed as exhibits to Carrier's and Otis' respective Registration Statements on Forms 10, and include information regarding the distributions of Carrier and Otis common stock, as well as the business, strategy and priorities for each respective company and certain risks of owning Carrier and Otis common stock and other information regarding the separations and distributions. No fractional shares of Carrier or Otis will be issued in the distribution, and instead UTC shareowners will receive cash in lieu of any fractional shares. Raytheon Technologies Key Data and Spin-Off Details, Transformation into leading platform-agnostic Aerospace & Defense provider. This combine business generated total sales of $39 billion in 2017 on a pro forma basis. 2.1 Form of Separation and Distribution Agreement by and among United Technologies Corporation, Otis Worldwide Corporation and Carrier Global Corporation ... completion of the spin-offs of Otis and Carrier and the Raytheon merger, UTC’s common stock will remain ... the Otis spin-off … C] Carrier Global Corporation (Spin-Off 2): Carrier business provides heating, ventilating, air conditioning (HVAC), refrigeration, fire, security, and building automation products, solutions, and services for residential, commercial, industrial, and transportation applications. It merged with the Raytheon Company in April 2020 to form Raytheon Technologies. With the highly complementary portfolios and the opportunity to combine world-class R&D platforms, the companies can effectively invest, innovate, and serve customers. In connection with the proposed merger, on September 4, 2019, UTC filed with the SEC an amendment to the registration statement on Form S-4 originally filed on July 17, 2019, which includes a joint proxy statement of UTC and Raytheon that also constitutes a prospectus of UTC (the "joint proxy statement/prospectus"). Otis recorded sales of $13.1 billion in FY19. As part of that capital allocation independence, each company will be able to pursue its growth strategies through M&A, supported by its independent equity currencies. The documents filed by UTC with the SEC may be obtained free of charge at UTC's website at www.utc.com or at the SEC's website at www.sec.gov. Raytheon Technologies Price Performance and Top 5 Shareholders. United Technologies Corp., parent company of jet engine maker Pratt & Whitney, plans to spin off its iconic Otis Elevator and Carrier brands to focus on aviation. UTC expects that "when-issued" trading for Carrier's and Otis' respective common stocks will begin on or around March 18, 2020 on the NYSE under the symbol "CARR-WI" for Carrier and "OTIS-WI" for Otis, and will continue up to and through the distribution date. No action is required by UTC shareowners to receive shares of Carrier and Otis common stock in the Carrier and Otis distributions. These documents may also be obtained free of charge from UTC by requesting them by mail at UTC Corporate Secretary, 10 Farm Springs Road, Farmington, CT, 06032, by telephone at 1-860-728-7870 or by email at [email protected]. This was true to the best of our knowledge as of January 2015, but please be warned: we are not tax experts. ENLC - CEI Dividend reclassification information. These documents may also be obtained free of charge from Raytheon by requesting them by mail at Raytheon Company, Investor Relations, 870 Winter Street, Waltham, MA, 02451, by telephone at 1-781-522-5123 or by email at [email protected]. Spin-Offs often result in higher aggregate value for the constituent pieces. Otis is the world's leading manufacturer and maintainer of people-moving products, including elevators, escalators and moving walkways. Similarly, shares of Carrier Global Corp opened at $13.75 and closed at $16.92 after trading between $13.38 and $17.00. Carrier has an extensive global footprint with approximately 53,000 employees globally, including over approximately 3,600 engineers, and its solutions are sold in over 160 countries around the world. UTC shareowners who hold shares of common stock on the record date of March 19, 2020 and decide to sell any of those shares before the distribution date should consult their stockbroker, bank or other nominee to understand whether, the shares of UTC common stock will be sold with or without entitlement to Carrier and Otis common stock distributed pursuant to the distributions. Each UTC shareowner will receive one (1) share of Carrier common stock and one-half (0.5) share of Otis common stock for every one (1) share of UTC common stock held on the record date. The company has a network of more than 69,000 employees, including approximately 1,300 engineers, 4,200 sales employees and 40,000 field technicians. The cost basis allocations for the spinoffs are dependent on the prices used for United Technologies, Carrier Global and Otis Worldwide in the cost basis calculations for a spinoff. Can Senate Handle Trump’s Impeachment And A New Stimulus Package At Once? Raytheon Company and United Technologies Corporation on April 3, 2020, following the completion by United Technologies of its previously announced spin-offs of its Carrier and Otis businesses. OTIS manufactures people-moving products, including elevators, escalators, and moving walkways under its Otis business. The remaining business will be the largest aerospace aftermarkets focused company in the world. We arrive at an average intrinsic value for Raytheon Technologies (RTX) at $58.00 per share. Carrier business provides heating, ventilating, air conditioning (HVAC), refrigeration, fire, security, and building automation products, solutions, and services for residential, commercial, industrial, and transportation applications. Carrier Global Corp. started trading on the New York Stock Exchange Friday after completing its spin-off from United Technologies Corp. "As standalone public companies, Carrier and Otis are each well-positioned to drive sustained growth and innovation, with more focused business strategies that will enable them to maximize value for their customers and shareowners. ", When Issued (WI) Trading to Begin for Carrier and Otis on the New York Stock Exchange (NYSE). We initiate coverage on OTIS with a ‘Hold’ rating and an implied upside of 9.9% from the current market price of $47.32 as on 4/3. For FY19, the business delivered a subdued performance and we expect the business to have slightly lower revenue and EBIT growth over the next two years. It comprises four industry-leading businesses – Collins Aerospace Systems, Pratt & Whitney, Raytheon Intelligence & Space and Raytheon Missiles & Defense. We initiate coverage on RTX with a ‘Buy’ rating and an implied upside of 16.2% from the current market price of $49.93 as on 4/3. BA Our average fair value estimate for Carrier (Spin-Of 2) stands at $21.50 per share based on 2020e EV/ EBITDA multiple of 9.8x. The all-stock merger structure will allow shareowners of both companies to participate in the future upside potential of the combined businesses. Supported by the iconic Carrier name, the company is committed to making the world safer and more comfortable for generations to come through its industry-leading brands such as Carrier, Kidde, Edwards, LenelS2 and Automated Logic. In addition, in connection with the separation transactions, on February 7, 2020, Carrier Global Corporation and Otis Worldwide Corporation publicly filed their respective registration statements on Forms 10, which had originally been confidentially submitted on August 9, 2019 and subsequently amended (the "Forms 10"). "We are taking another important step in the transformation of UTC and the establishment of two independent companies that are leaders in their respective industries with attractive investment profiles," said UTC Chairman and Chief Executive Officer Gregory Hayes. Following the completion of the separations on April 3, 2020, Carrier and Otis common stocks will begin "regular way" trading on the NYSE. The companies are also expected to have significant revenue synergy opportunities from the technologies. Otis Elevator Company is the world’s leading manufacturer of people-moving products, including elevators, escalators, and moving walkways, with significant recurring revenue from long-term maintenance contracts. It is expected that both Carrier and Otis will commence equity roadshows on or around mid-March 2020. Gov. Also, factoring in the impact of COVID-19, the company is expected to have strong cash-flows and revenues post 2020, factoring in the time required for the economy and business to recover from the pandemic. For FY19, the business delivered a subdued performance and we expect the business to have slightly lower revenue and EBIT growth over the next two years. Carrier’s businesses enable modern life, delivering effi ciency, safety, security, comfort, productivity and sustainability across a wide range of residential, commercial and industrial applications. All Rights Reserved, This is a BETA experience. I am the author of the book Spin-Off to Pay-Off: An Analytical Guide to Corporate Divestitures (McGraw-Hill). EV/EBITDA Valuation: We value Raytheon Technologies at $58.00 per share based on 2020e EV/ EBITDA multiple of 8.0x for Pratt & Whitney (~3% premium to its peer median multiple), 8.0x for Collins Aerospace (at ~10% premium to its peer median multiple), and 7.5x for Raytheon. EV/EBITDA Valuation: We value Otis at $52.00 per share by applying 2020e EV/EBITDA multiple of 13.0x. Carrier and Otis Well Positioned In the Market Place Post Spin-Off. UTC shareowners will retain their shares of UTC common stock. Ned Lamont said Tuesday that the headquarters of Otis Elevator will remain in Connecticut after its spinoff from United Technologies Corporation, and … In our experience brokers tend to use the prices found in the guidance companies post on their websites, including IRS form 8937. I reviewed the shares that were spun-off, and the allocation of cost basis. For additional information on identifying factors that may cause actual results to vary materially from those stated in forward-looking statements, see the joint proxy statement/prospectus (defined below) and the reports of UTC and Raytheon on Forms 10-K, 10-Q and 8-K filed with or furnished to the Securities and Exchange Commission (the "SEC") from time to time. had announced tax-free spin-off of its Otis and Carrier businesses, into new, independent publicly traded companies to be named Otis Worldwide Corp and Carrier Global Corp. On April 3, 2020, United Technologies Corp, renamed as Raytheon Technologies (NYSE: RTX, $49.93, Market Capitalization: $75.7 billion) completed the tax-free spin-off of Otis Worldwide Corp (NYSE: OTIS, $47.32, Market Capitalization $20.5 billion) and Carrier Global Corp (NYSE: CARR, $16.92, Market Capitalization $14.7 billion). Above, an F-35B Lightning II. … UTC shareowners are encouraged to consult with their financial and tax advisors regarding the specific implications of the Carrier and Otis distributions, including the specific implications of buying or selling UTC common stock on or before the distribution date and the U.S. federal, state and local or foreign tax consequences, as applicable, of the Carrier and Otis distributions. AAPL 7 for 1 Split. Our fair value of $58.00 is based on 2020e EV/ EBITDA multiple of 8.0x for Pratt & Whitney, 8.0x for Collins Aerospace and 7.5x for the Raytheon business. Forward-looking statements can be identified by the use of words such as "believe," "expect," "expectations," "plans," "strategy," "prospects," "estimate," "project," "target," "anticipate," "will," "should," "see," "guidance," "outlook," "confident," "on track" and other words of similar meaning. The following describes, in general terms, a typical tax basis calculation for United States spinoffs. Any forward-looking statement speaks only as of the date on which it is made, and UTC assumes no obligation to update or revise such statement, whether as a result of new information, future events or otherwise, except as required by applicable law. Raytheon shareholders will receive 2.3348 shares of RTX. © 2021 Forbes Media LLC. From time to time, oral or written forward-looking statements may also be included in other information released to the public. Carrier is a leading global provider of innovative heating, ventilating and air conditioning (HVAC), refrigeration, fire, security and building automation technologies. We initiate coverage on CARR with a ‘Buy’ rating and an implied upside of 27.1% from the current market price of $16.92 as on 4/3. ZG Spinoff of Z shares, 2 for 1, 32.55% remaining basis 8/17/2015. Each party will file other documents regarding the proposed merger with the SEC. Such risks, uncertainties and other factors include, without limitation: (1) the effect of economic conditions in the industries and markets in which UTC and Raytheon operate in the U.S. and globally and any changes therein, including financial market conditions, fluctuations in commodity prices, interest rates and foreign currency exchange rates, levels of end market demand in construction and in both the commercial and defense segments of the aerospace industry, levels of air travel, financial condition of commercial airlines, the impact of weather conditions, pandemic health issues and natural disasters, and the financial condition of our customers and suppliers, and the risks associated with U.S. government sales (including changes or shifts in defense spending due to budgetary constraints, spending cuts resulting from sequestration, a government shutdown, or otherwise, and uncertain funding of programs); (2) challenges in the development, production, delivery, support, performance and realization of the anticipated benefits (including our expected returns under customer contracts) of advanced technologies and new products and services; (3) the scope, nature, impact or timing of the proposed merger with Raytheon and the separation transactions and other merger, acquisition and divestiture activity, including among other things the integration of or with other businesses and realization of synergies and opportunities for growth and innovation and incurrence of related costs and expenses; (4) future levels of indebtedness, including any indebtedness incurred in connection with the proposed merger with Raytheon and the separation transactions, and capital spending and research and development spending; (5) future availability of credit and factors that may affect such availability, including credit market conditions and our capital structure; (6) the timing and scope of future repurchases by the combined company of its common stock, which may be suspended at any time due to various factors, including market conditions and the level of other investing activities and uses of cash; (7) delays and disruption in delivery of materials and services from suppliers; (8) company and customer-directed cost reduction efforts and restructuring costs and savings and other consequences thereof (including the potential termination of U.S. government contracts and performance under undefinitized contract awards and the potential inability to recover termination costs); (9) new business and investment opportunities; (10) the ability to realize the intended benefits of organizational changes; (11) the anticipated benefits of diversification and balance of operations across product lines, regions and industries; (12) the outcome of legal proceedings, investigations and other contingencies; (13) pension plan assumptions and future contributions; (14) the impact of the negotiation of collective bargaining agreements and labor disputes; (15) the effect of changes in political conditions in the U.S. and other countries in which UTC, Raytheon and the businesses of each operate, including the effect of changes in U.S. trade policies or the U.K.'s withdrawal from the European Union, on general market conditions, global trade policies and currency exchange rates in the near term and beyond; (16) the effect of changes in tax (including U.S. tax reform enacted on December 22, 2017, which is commonly referred to as the Tax Cuts and Jobs Act of 2017), environmental, regulatory and other laws and regulations (including, among other things, export and import requirements such as the International Traffic in Arms Regulations and the Export Administration Regulations, anti-bribery and anti-corruption requirements, including the Foreign Corrupt Practices Act, industrial cooperation agreement obligations, and procurement and other regulations) in the U.S. and other countries in which UTC, Raytheon and the businesses of each operate; (17) negative effects of the announcement or pendency of the proposed merger or the separation transactions on the market price of UTC's and/or Raytheon's respective common stock and/or on their respective financial performance; (18) the ability of the parties to receive the required regulatory approvals for the proposed merger (and the risk that such approvals may result in the imposition of conditions that could adversely affect the combined company or the expected benefits of the transaction) and to satisfy the other conditions to the closing of the merger on a timely basis or at all; (19) the occurrence of events that may give rise to a right of UTC or Raytheon or both to terminate the merger agreement; (20) risks relating to the value of the UTC shares to be issued in the proposed merger with Raytheon, significant transaction costs and/or unknown liabilities; (21) the possibility that the anticipated benefits from the proposed merger with Raytheon cannot be realized in full or at all or may take longer to realize than expected, including risks associated with third party contracts containing consent and/or other provisions that may be triggered by the proposed transaction; (22) risks associated with transaction-related litigation; (23) the possibility that costs or difficulties related to the integration of UTC's and Raytheon's operations will be greater than expected; (24) risks relating to completed merger, acquisition and divestiture activity, including UTC's integration of Rockwell Collins, including the risk that the integration may be more difficult, time-consuming or costly than expected or may not result in the achievement of estimated synergies within the contemplated time frame or at all; (25) the ability of each of UTC, Raytheon and the companies resulting from the separation transactions and the combined company to retain and hire key personnel; (26) the expected benefits and timing of the separation transactions, and the risk that conditions to the separation transactions will not be satisfied and/or that the separation transactions will not be completed within the expected time frame, on the expected terms or at all; (27) the intended qualification of (i) the merger as a tax-free reorganization and (ii) the separation transactions as tax-free to UTC and UTC's shareowners, in each case, for U.S. federal income tax purposes; (28) the possibility that any opinions, consents, approvals or rulings required in connection with the separation transactions will not be received or obtained within the expected time frame, on the expected terms or at all; (29) any financing transactions undertaken in connection with the proposed merger with Raytheon and the separation transactions and risks associated with additional indebtedness; (30) the risk that dissynergy costs, costs of restructuring transactions and other costs incurred in connection with the separation transactions will exceed UTC's estimates; and (31) the impact of the proposed merger and the separation transactions on the respective businesses of UTC and Raytheon and the risk that the separation transactions may be more difficult, time-consuming or costly than expected, including the impact on UTC's resources, systems, procedures and controls, diversion of its management's attention and the impact on relationships with customers, suppliers, employees and other business counterparties. 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