PALM BEACH GARDENS, Fla.,
Jan. 3, 2022 /PRNewswire/
-- Carrier Global Corporation (NYSE: CARR), the leading
global provider of healthy, safe, sustainable and intelligent
building and cold chain solutions, today announced it has completed
the sale of its Chubb fire and security business to APi Group
Corporation (NYSE: APG) for an enterprise value of $3.1 billion. The sale enables Carrier to focus
on its core businesses and to re-allocate the net proceeds
consistent with its stated capital allocation priorities, including
funding organic and inorganic growth, a growing and sustainable
dividend, and share repurchases while maintaining a solid
investment grade credit rating.
Carrier's global fire and security products business is not
included in this transaction with APi Group and remains an integral
part of the portfolio and the Company's healthy, safe, sustainable
and intelligent building strategy.
"The sale of Chubb enhances the growth, margin and free cash
flow profile of Carrier. We will continue to drive growth in our
core business and play offense on capital deployment, including
evaluating inorganic opportunities to complement our existing
portfolio, share repurchase and the 25% increase in our dividend
announced in December 2021," said
Carrier Chairman & CEO Dave
Gitlin. "I want to thank the thousands of Chubb employees
for their contributions to the business over the years."
BofA Securities acted as financial advisor to Carrier, and Paul,
Weiss, Rifkind, Wharton & Garrison and Linklaters acted as
external legal counsel.
About Carrier
As the leading global provider of
healthy, safe, sustainable and intelligent building and cold chain
solutions, Carrier Global Corporation is committed to making the
world safer, sustainable and more comfortable 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.
CARR-IR
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 or the separation from United
Technologies Corporation (the "Separation"), since renamed Raytheon
Technologies Corporation. Forward-looking statements may include,
among other things, statements relating to future sales, earnings,
cash flow, results of operations, uses of cash, share repurchases,
tax rates and other measures of financial performance or potential
future plans, strategies or transactions of Carrier, the estimated
costs associated with the Separation, 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.
Contact:
|
Ashley
Barrie
|
|
860-416-3657
|
|
Ashley.Barrie@carrier.com
|
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SOURCE Carrier Global Corporation