UTC Climate, Controls & Security Announces Agreement to Acquire EcoEnergy

FARMINGTON, Conn. - Nov. 30, 2016 - UTC Climate, Controls & Security has announced that its India affiliate has entered into an agreement with Wipro Limited, a leading global information technology, consulting and business process services company, to acquire EcoEnergy, Wipro’s energy services business division. EcoEnergy, based in Bengaluru, India, is a leading provider of energy management services for commercial customers in North America, Europe, and Asia. UTC Climate, Controls & Security, a leading provider of heating, ventilating, air conditioning (HVAC) and refrigeration systems, is a unit of United Technologies Corp. (NYSE:UTX)

“We believe EcoEnergy’s energy management platform and services, along with the expertise of its team, will enable UTC Climate, Controls & Security to further develop its remote monitoring and building analytics capabilities and bring enhanced services and solutions to UTC Climate, Controls & Security’s broad, global customer base,” says Ross Shuster, president, International Operations, UTC Climate, Controls & Security. “Our industry-leading brands, including Carrier, Riello, Chubb, Edwards, Onity, Automated Logic, Lenel, Interlogix, and Kidde, along with their channel businesses, will be able to offer EcoEnergy service options to our customers, leveraging EcoEnergy’s talented staff of professionals. This will provide our customers with another way in which UTC Climate, Controls & Security is helping to meet their sustainability goals throughout the entire building lifecycle.”

“This transaction will help EcoEnergy continue to serve its customers and enable them to realize the opportunities made possible by IoT and big data analytics. We expect to develop the EcoEnergy brand in wider segments and geographies through our technology and service expertise, powered by the reach of UTC Climate, Controls & Security brands,” says Mansoor Ahmad, vice president, Energy Management Services, EcoEnergy.

The acquisition is subject to customary closing conditions and regulatory approvals. For more information, visit www.CCS.UTC.com or follow UTC Climate, Controls & Security on Twitter @UTC_CCS.

This release includes "forward looking statements" concerning the proposed transaction, its impact, management’s beliefs and objectives with respect thereto, and management’s current expectations for our future operating and financial performance, based on assumptions currently believed to be valid. Forward-looking statements can be identified by the use of words such as “potential,” “believe,” “expect,” “expectations,” “plans,” “strategy,” “anticipate,” “will,” “should,” “see,” and other words of similar meaning in connection with a discussion of future operating or financial performance.

These forward looking statements involve significant risks and uncertainties that could cause actual results to differ materially from those anticipated, including but not limited to the ability of the parties to satisfy the conditions precedent and consummate the proposed transaction, the timing of consummation, the ability of the parties to secure regulatory approvals in a timely manner or on the terms desired or anticipated, the ability to implement the anticipated business plans following closing and achieve anticipated benefits, and the ability to realize opportunities for growth and innovation. Other important economic, political, regulatory, legal, technological, competitive and other uncertainties are identified in SEC filings submitted by UTC from time to time, including its Quarterly Reports on Form 10-Q, Annual Reports on Form 10-K, and Current Reports on Form 8-K. The forward looking statements included in this press release are made only as of the date hereof. UTC undertakes no obligation to update the forward looking statements to reflect subsequent events or circumstances.

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