United Technologies is selling its Sikorsky Aircraft unit and getting out of the helicopter business, it announced Sunday.
Earlier this year, the company had said it was reviewing strategic alternatives for the Sikorsky Aircraft business.
In the statement, CEO Gregory Hayes said the, “separation of Sikorsky from the portfolio will allow both United Technologies and Sikorsky to better focus on their core businesses.”
To account for the separation, the company reduced its expectations for 2015 earnings per share to between $US6.55 and $US6.85, down from $US6.85 to $US7.05 previously.
According to Reuters, the board had received a number of offers for Sikorsky and discussed its options in a meeting last week.
Sikorsky president Bob Leduc said the helicopter business faced near-term challenges from a plunge in investment from the oil and gas sector, which make up about 80% of all its commercial sales, Reuters reported.
The separation is still subject to the board’s final approval.