United Technologies, parent company of Carrier Corp., is breaking up into three companies, making Carrier an independent entity.

Otis, manufacturing of elevators, escalators and moving walkways will also stand alone. The third company will remain named United Technologies and comprise Collins Aerospace Systems and Pratt & Whitney.

"As standalone companies, United Technologies, Otis and Carrier will be ready to solve our customers' biggest challenges, provide rewarding career opportunities, and contribute positively to communities around the world," said Chairman and CEO Gregory Hayes in a statement.

The company also said it has completed its acquisition of Rockwell Collins and combined that business with UTC Aerospace Systems to form Collins Aerospace Systems. That unit will be part of the United Technologies company after the split.

According to the company, Carrier and its portfolio of HVAC, refrigeration, fire, security and building automation technologies had 2017 sales of $17.8 billion.

The company expects the separation to be completed in 2020.