"Our strategic review has confirmed that exiting the helicopter business is the best path forward for United Technologies," UTC President and Chief Executive Officer Gregory Hayes said in the statement.
Hayes said that in the coming weeks the company would “determine whether a spin off or direct sale is the best way to enhance Sikorsky's long-term success and create the most value for customers and shareholders."
Sikorsky, best known as the manufacturer of the Black Hawk helicopter, is one of biggest suppliers to the US military.
The decision to sell or spin off the maker of the Black Hawk helicopter will come following approval by UTC’s board, Hayes said.
UTC has sales of nearly $60 billion a year in the commercial aerospace, defense and building industries.
For more than 30 years the Black Hawk helicopter has been the US Army’s main utility and air attack helicopter.