United Technologies, an American multinational conglomerate, completed the spin-off of Otis, a manufacturer of elevators, escalators and moving walkways, and Carrier, a global provider of innovative HVAC, refrigeration, fire, security and building automation technologies, in a $31bn deal. "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," Gregory Hayes United Technologies Chairman and CEO.