Palm Beach Gardens, Florida, USA: Carrier Global Corporation is to sell its global commercial refrigeration business to its decades-long joint venture partner Haier. Carrier Transicold transport refrigeration, Sensitech and its Lynx digital cold chain platform are not included in the transaction.
Carrier Commercial Refrigeration operates worldwide and its brands include Profroid, Celsior and Green & Cool. “Following our decision to exit the commercial refrigeration business and a robust competitive process, we identified Haier as the right fit to grow the business moving forward, building upon our successful 22-year refrigeration partnership with them,” said David Gitlin, chief executive, Carrier.
“Executing this definitive agreement demonstrates continued progress in our portfolio transformation, further positioning Carrier as the global leader in intelligent climate and energy solutions. Following completion of our planned transactions, we will be a more focused, higher growth business, operating in attractive global market segments and benefiting from long-term secular tailwinds. I am deeply appreciative of our team’s work to successfully position us for our future.”
Carrier expects net proceeds from the transaction to exceed $500m and intends to use the proceeds to reduce debt.
