Background
Way back in August 2017, rumors first started to emerge that activist investors wanted United Technologies (UTX) to be broken up. Shortly thereafter, UTX announced that it would be acquiring Rockwell Collins (COL), an aerospace competitor. At the time, UTX noted it would defer the decision as to whether to break up the company until the acquisition had closed. Once the acquisition closed in November 2018, UTX management also announced that the company would be broken up into three separate companies.
Source: Stock Spin-off Investing
UTX recently reported strong full year 2018