NEW YORK, March 12 (Reuters) - United Technologies Corp’s chief executive officer said on Thursday that a sale of its Sikorsky helicopter unit would be “very hard” due to the heavy tax liability that would come with such a disposition.
United Technologies said on Wednesday it is exploring alternatives for Sikorsky, including a potential spinoff. Any buyer is expected to face significant taxes, because the value of Sikorsky has appreciated so much since it became part of United Tech in 1929.
“I think a sale would be very hard just because of the very low tax basis,” United Tech CEO Greg Hayes told reporters after the company held a presentation for Wall Street in New York. (Reporting by Lewis Krauskopf)