PALM
BEACH GARDENS, Fla., Oct. 2, 2024
/PRNewswire/ -- Carrier Global Corporation (NYSE: CARR),
global leader in intelligent climate and energy solutions, today
announced it has completed the sale of its commercial refrigeration
business to its decades-long joint venture partner Haier (SSE:
600690) 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 & 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, 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, we've led in inventing new technologies and entirely new
industries. Today, we continue to lead because we have a
world-class, diverse workforce that puts the customer at the center
of everything we do. For more information,
visit www.corporate.carrier.com or follow Carrier on social media
at @Carrier.
Cautionary Statement
This communication contains statements which, to the extent they
are not statements of historical or present fact, constitute
"forward-looking statements" under the securities laws. These
forward-looking statements are intended to provide management's
current expectations or plans for Carrier's 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 "believe," "expect," "expectations," "plans,"
"strategy," "prospects," "estimate," "project," "target,"
"anticipate," "will," "should," "see," "guidance," "outlook,"
"confident," "scenario" and other words of similar meaning in
connection with a discussion of future operating or financial
performance. Forward-looking statements may include, among other
things, statements relating to the sale of our industrial fire
business, expected uses of the net proceeds therefrom, strategies
or transactions of Carrier, Carrier's plans with respect to its
indebtedness and other statements that are not historical facts.
All forward-looking statements involve risks, uncertainties and
other factors that may cause actual results to differ materially
from those expressed or implied in the forward-looking statements.
For additional information on identifying factors that may cause
actual results to vary materially from those stated in
forward-looking statements, see Carrier's reports on Forms 10-K,
10-Q and 8-K filed with or furnished to the U.S. Securities and
Exchange Commission from time to time. Any forward-looking
statement speaks only as of the date on which it is made, and
Carrier assumes no obligation to update or revise such statement,
whether as a result of new information, future events or otherwise,
except as required by applicable law.
CARR-IR
Contact:
Investor Relations
561-365-2251
InvestorRelations@Carrier.com
Media Inquiries
Rob Six
561-281-2362
Robert.Six@Carrier.com
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SOURCE Carrier Global Corporation