"This is the appropriate outcome given the strong regulatory obstacles, negative customer reaction and the potential for a protracted review process that would have destroyed shareholder value," the company said in a statement.
"UTC will remain laser focused on our key priorities - program execution, innovation, cost reduction and disciplined capital allocation. Our outlook remains strong and our industry-leading franchises are well positioned to deliver strong earnings growth and create shareholder value well into the future."
Previously: Honeywell drops bid for UTX (Mar. 01 2016)
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