PALM BEACH GARDENS, Fla.,
March 4, 2020 /PRNewswire/ --
Carrier, a leading global provider of HVAC, refrigeration, fire and
security solutions, today announced the appointment of Chris Nelson as President of its global HVAC
products and services business. This appointment combines Carrier's
residential and commercial HVAC business units under a single
leader, aligning with its planned reporting segments as a
soon-to-be public company. Carrier is expected to complete its
separation from United Technologies (NYSE: UTX) early in the second
quarter of 2020.
"Chris is an experienced HVAC leader, with the industry
expertise, strong business relationships and know-how to drive the
kind of accelerated top- and bottom-line growth that we're
targeting as standalone Carrier," said Dave
Gitlin, Carrier President & CEO. "With renewed focus and
investments in the business, our customers, employees and
shareholders can count on Chris to take the global HVAC business to
new heights."
Nelson has more than 24 years of sales and general management
experience, including 16 years at Carrier. He most recently served
as President, HVAC-Commercial, at Carrier, and before that,
President of Carrier's North American HVAC business. Prior to
joining Carrier, he held leadership roles with the U.S. Army,
Johnson & Johnson and McKinsey & Company.
"The new Carrier has a clear vision for its future and I'm
looking forward to working with our employees, partners and
customers around the world to make it happen," said Nelson. "Now is
the time to take the company that invented modern air conditioning
to the next level and show the world what the Carrier of today is
all about."
For more information about Carrier, visit Corporate.Carrier.com
and follow Carrier on social media at @Carrier.
About Carrier
Carrier is a leading global provider of innovative heating,
ventilating and air conditioning (HVAC), refrigeration, fire,
security and building automation technologies. Supported by the
iconic Carrier name, the company is committed to making the world
safer and more comfortable for generations to come through its
industry-leading brands such as Carrier, Kidde, Edwards, LenelS2
and Automated Logic. For more information, visit
www.Corporate.Carrier.com or follow us on social media at
@Carrier.
Cautionary Statement
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. From time
to time, oral or written forward-looking statements may also be
included in other information released to the public. 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'' and other words of similar
meaning in connection with a discussion of future operating or
financial performance or the separation. 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, Otis or UTC following UTC's separation into three
independent public companies and/or following completion of the
Raytheon merger, the separation, including the expected timing of
completion of the separation and estimated costs associated with
the separation, the Raytheon merger, including synergies or
customer cost savings and the expected timing of the completion of
the Raytheon merger, 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. Such risks, uncertainties and other factors include,
without limitation: (1) the effect of economic conditions in the
industries and markets in which Carrier and UTC and their
respective businesses operate in the U.S. and globally and any
changes therein, including financial market conditions,
fluctuations in commodity prices, interest rates and foreign
currency exchange rates, levels of end market demand in
construction, the impact of weather conditions, pandemic health
issues (including coronavirus) and natural disasters and the
financial condition of our customers and suppliers; (2) challenges
in the development, production, delivery, support, performance and
realization of the anticipated benefits of advanced technologies
and new products and services; (3) future levels of indebtedness,
including indebtedness that may be incurred in connection with the
separation, and capital spending and research and development
spending; (4) future availability of credit and factors that may
affect such availability, including credit market conditions and
our capital structure; (5) the timing and scope of future
repurchases of our common stock, which may be suspended at any time
due to various factors, including market conditions and the level
of other investing activities and uses of cash; (6) delays and
disruption in delivery of materials and services from suppliers;
(7) cost reduction efforts and restructuring costs and savings and
other consequences thereof; (8) new business and investment
opportunities; (9) the anticipated benefits of moving away from
diversification and balance of operations across product lines,
regions and industries; (10) the outcome of legal proceedings,
investigations and other contingencies; (11) pension plan
assumptions and future contributions; (12) the impact of the
negotiation of collective bargaining agreements and labor disputes;
(13) the effect of changes in political conditions in the U.S. and
other countries in which Carrier and UTC and their respective
businesses operate, including the effect of changes in U.S. trade
policies or the U.K.'s withdrawal from the EU, on general market
conditions, global trade policies and currency exchange rates in
the near term and beyond; (14) the effect of changes in tax,
environmental, regulatory (including among other things
import/export) and other laws and regulations in the U.S. and other
countries in which Carrier and UTC and their respective businesses
operate; (15) the ability of Carrier and UTC to retain and hire key
personnel; (16) the scope, nature, impact or timing of the
separation and other acquisition and divestiture activity,
including among other things integration of acquired businesses
into existing businesses and realization of synergies and
opportunities for growth and innovation and incurrence of related
costs; (17) the expected benefits and timing of the separation, and
the risk that conditions to the separation will not be satisfied
and/or that the separation will not be completed within the
expected time frame, on the expected terms or at all; (18) a
determination by the IRS and other tax authorities that the
distribution or certain related transactions should be treated as
taxable transactions; (19) the possibility that any consents or
approvals required in connection with the separation will not be
received or obtained within the expected time frame, on the
expected terms or at all; (20) expected financing transactions
undertaken in connection with the separation and risks associated
with the additional indebtedness; (21) the risk that dis-synergy
costs, costs of restructuring transactions and other costs incurred
in connection with the separation will exceed Carrier's estimates;
(22) risks associated with the transactions contemplated by the
Raytheon merger agreement or the announcement or pendency of such
transactions, including disruptions to UTC's or Carrier's
operations and the potential distraction of UTC or Carrier
management or employees; (23) UTC's obligations pursuant to the
Raytheon merger agreement to consummate the Carrier distribution
and the Otis distribution in accordance with the terms and
conditions of the Raytheon merger agreement, including with respect
to the timing of the distributions and the requirement that UTC
obtain Raytheon's prior written consent to effect certain changes
to the terms of the separation or distributions, and the resulting
limitations on UTC's ability to determine or alter the structure or
timing of the internal restructuring, the separation and the
distributions or the terms and conditions of the separation
agreement or ancillary agreements; and (24) the impact of the
separation on Carrier's business and the risk that the separation
may be more difficult, time-consuming or costly than expected,
including the impact on Carrier's resources, systems, procedures
and controls, diversion of management's attention and the impact on
relationships with customers, suppliers, employees and other
business counterparties. There can be no assurance that the
separation, distribution or any other transaction described above
will in fact be consummated in the manner described or at all. The
above list of factors is not exhaustive or necessarily in order of
importance. For additional information on identifying factors that
may cause actual results to vary materially from those stated in
forward-looking statements, see the discussions under ''Risk
Factors.'' 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.
View original content to download
multimedia:http://www.prnewswire.com/news-releases/carrier-appoints-chris-nelson-head-of-global-hvac-business-301016302.html
SOURCE Carrier
