10/11/2024
Carrier Global Corporation, a global leader in intelligent climate and energy solutions, announced it has completed the sale of its commercial refrigeration business to its decades-long joint venture partner Haier for an enterprise value of $775 million, including approximately $200 million of net pension liabilities. The sale, along with the completed divestitures of Industrial Fire and Global Access Solutions and the announced sale of Commercial and Residential Fire, enables Carrier to focus on its core businesses and demonstrates meaningful progress as the company nears the completion of its portfolio transformation.
Carrier Transicold transport refrigeration, Sensitech and the Lynx digital ecosystem are not included in the transaction and remain core to Carrier achieving its vision.
"The sale of Carrier Commercial Refrigeration marks a significant step in our portfolio transformation to further strengthen our company's global leadership position in intelligent climate and energy solutions," said Carrier Chairman and CEO David Gitlin. "Three of four announced business exits are now complete and the sale of Commercial and Residential Fire is expected to close by the end of 2024. I want to thank the thousands of Carrier Commercial Refrigeration employees for their contributions to the business and wish them the best with Haier."
As previously communicated, the net proceeds of the transaction will be used to pay down debt. BofA Securities acted as financial advisor to Carrier, and Paul, Weiss, Rifkind, Wharton & Garrison LLP and Linklaters LLP acted as external legal counsel.
About Carrier
Carrier Global Corporation, a global leader in intelligent climate and energy solutions, is committed to creating solutions that matter for people and our planet for generations to come. From the beginning, the company has led in inventing new technologies and entirely new industries. Today, it continues to lead because Carrier has a world-class, diverse workforce that puts the customer at the center of everything it does. For more information, visit https://www.corporate.carrier.com.
