United Technologies to exit helicopter business

United Technologies Corp. announced Monday that it will separate its Sikorksy Aircraft business as it exits the helicopter business.

The Hartford, Conn.-based company says it will focus on high-technology systems and services to the aerospace and building industries.

Sikorsky makes military and commercial helicopters and has a predominately military customer base. It is known for manufacturing Black Hawk helicopters.

United Technologies said a decision on whether Sikorsky will be spun off or sold is expected by the end of the third quarter.

Gregory Hayes, United Technologies Corp. president and CEO, said: "Our strategic review has confirmed that exiting the helicopter business is the best path forward for United Technologies."

He said the separation will allow both United Technologies and Sikorsky "to better focus on their core businesses."

Excluding Sikorsky, United Technologies expects 2015 earnings per share of $6.35 to $6.55 on sales of approximately $58 to $59 billion. Including Sikorsky, earnings per share are anticipated at $6.55 to $6.85, from $6.85 to $7.05.

United Technologies expects 10 cents to 20 cents per share of separation costs and a 10 cent per share decline in Sikorsky's operational expectations for the year due to weakness in the oil and gas markets.

The decision is subject to final board approval.

Contributing: Roger Yu