PALM
BEACH GARDENS, Fla., March 5,
2024 /PRNewswire/ -- Carrier Global
Corporation (NYSE: CARR), global leader in intelligent climate
and energy solutions, entered into a definitive agreement today to
sell its Industrial Fire business, which includes industry-leading
brands Det-Tronics, Marioff, Autronica and Fireye, to
Sentinel Capital Partners for an enterprise value of $1.425 billion. Today's announcement represents
the latest step in Carrier's ongoing portfolio transformation,
following the recent acquisition of Viessmann Climate Solutions and
the recently announced agreements to sell Carrier's Global Access
Solutions business to Honeywell for nearly $5 billion and its Commercial
Refrigeration business to Haier for $775 million. Carrier continues to prepare for
the last of its four announced business exits – its combined
commercial and residential fire businesses.
With approximately 1,400 employees operating in more than 20
countries, Carrier's Industrial Fire business is a global leader in
fire detection and suppression solutions for high-hazard
applications across verticals such as critical infrastructure, oil
and gas, marine and clean energy. This pending sale will allow the
business to build on the strength of its advanced lifecycle
solutions, strong customer relationships and high growth potential
across key segments.
"Industrial Fire is a great business with leadership positions
in the markets in which it operates, and an engaged, experienced
team focused on delivering differentiated solutions to customers.
We look forward to watching its continued growth under the
ownership of Sentinel," said Carrier Chairman & CEO
David Gitlin. "This transaction
marks another milestone in our transformation as we become a more
focused, higher growth company, and furthers our vision to become
the global leader in intelligent climate and energy solutions."
Carrier expects net proceeds from the transaction to exceed
$1.1 billion and intends to use the
proceeds to pay down debt. The company anticipates resuming share
repurchases as it returns to approximately 2X net leverage by the
end of 2024. Closing is expected in the third quarter of 2024 and
is subject to regulatory approvals and customary closing
conditions.
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:
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Investor
Relations
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Sam
Pearlstein
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561-365-2251
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Sam.Pearlstein@Carrier.com
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Media
Inquiries
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Ashley
Barrie
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860-416-3657
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Ashley.Barrie@Carrier.com
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SOURCE Carrier Global Corporation