PALM
BEACH GARDENS, Fla., Dec. 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 and
Residential Fire business to an affiliate of Lone Star Funds
for an enterprise value of $3
billion.
"The sale of our Commercial and Residential Fire business is the
final step in our strategic portfolio transformation, further
simplifying and focusing our company, and strengthening our global
leadership position in intelligent climate and energy solutions,"
said Carrier Chairman & CEO David
Gitlin. "As we enter 2025, we are laser-focused on our
customers, growth, innovation and execution. We are deeply
committed to delivering unparalleled value for our customers,
shareowners and employees as a higher-growth, pure-play
company dedicated to improving lives and creating a more
sustainable world for generations to come."
Today's closing marks the culmination of Carrier's strategic
portfolio transformation, which also included the acquisition of
Viessmann Climate Solutions and the divestitures of its Industrial
Fire, Access Solutions and Commercial Refrigeration businesses.
Carrier intends to use the estimated $2.2
billion net proceeds from the sale of the Commercial and
Residential Fire business to fund share repurchases, with at least
$1 billion under an accelerated share
repurchase program.
Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC are
serving as financial advisor to Carrier. Paul, Weiss, Rifkind,
Wharton & Garrison LLP and Linklaters LLP are providing
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
Michael Rednor
561-365-2020
Michael.Rednor@carrier.com
Media Inquiries
Rob Six
561-281-2362
Robert.Six@Carrier.com
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SOURCE Carrier Global Corporation