Carrier Global Corporation Completes $3 Billion Sale of Commercial and Residential Fire Business

Carrier Global Corporation, a leading provider of intelligent climate and energy solutions, announced on December 2, 2024, the successful closure of the sale of its Commercial and Residential Fire business. In a strategic move, the business was acquired by an affiliate of Lone Star Funds for an enterprise value of $3 billion.

This transaction marks the final phase of Carrier’s strategic portfolio transformation, aimed at streamlining and focusing the company’s operations while reinforcing its position in the global market for intelligent climate and energy solutions. According to Carrier’s Chairman & CEO, David Gitlin, this step aligns with their commitment to customer-centric growth, innovation, and operational excellence.

By divesting its Commercial and Residential Fire business, Carrier intends to concentrate on delivering enhanced value to customers, shareholders, and employees. The company’s recent strategic realignments also involved acquiring Viessmann Climate Solutions and divesting its Industrial Fire, Access Solutions, and Commercial Refrigeration businesses.

With an estimated net proceeds of $2.2 billion from this sale, Carrier plans to allocate the funds towards share repurchases, including at least $1 billion earmarked for an accelerated share repurchase program. In navigating this transaction, Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC served as Carrier’s financial advisors, with legal counsel provided by Paul, Weiss, Rifkind, Wharton & Garrison LLP and Linklaters LLP.

Carrier Global Corporation remains committed to advancing sustainable solutions that benefit both people and the environment. To learn more about Carrier and its initiatives, visit www.corporate.carrier.com or connect with the company on social media at @Carrier.

This press release contains forward-looking statements within the meaning of securities laws. These statements are based on current expectations and may involve risks and uncertainties that could lead to actual results differing from those anticipated. For additional details on factors that may impact actual results, refer to Carrier’s filings with the U.S. Securities and Exchange Commission.

For further information, contact:
Michael Rednor
Investor Relations
561-365-2020
[email protected]

Rob Six
Media Inquiries
561-281-2362
[email protected]

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Carrier Global’s 8K filing here.

Carrier Global Company Profile

Carrier Global Corporation provides heating, ventilating, and air conditioning (HVAC), refrigeration, fire, security, and building automation technologies in the United States, Europe, the Asia Pacific, and internationally. It operates through three segments: HVAC, Refrigeration, and Fire & Security.