PALM BEACH GARDENS, Fla.,
July 29, 2021 /PRNewswire/ -- On
July 27, 2021, Carrier Global
Corporation's (NYSE:CARR) Board of Directors approved a
$1.75 billion stock repurchase
authorization. Share repurchases may take place from time to
time, subject to among other things, market conditions, share
price, compliance with securities laws and regulatory requirements
and other factors, and at the company's discretion in the open
market or through one or more other public or private
transactions. With the remaining portion of the prior
authorization, Carrier now has authorization to repurchase about
$2 billion. This authorization
is a key component of the company's capital allocation plans, which
will also include acquisitions and debt paydown over 12-18 months
to help position the company for strategic growth and to generate
attractive shareowner returns. The enterprise value from the
Chubb sale amounts to $3.1 billion,
and as of June 30, 2021, Carrier had
$2.6 billion of cash. Carrier
will provide additional detail during its earnings call scheduled
for July 29, 2021.
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.
Contact:
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Media
Inquiries
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Danielle
Canzanella
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561-365-1101
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Danielle.Canzanella@Carrier.com
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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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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 our 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 and distribution from United
Technologies Corporation (the "Separation" and the "Distribution"),
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 our
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 those statements, we claim the protection of the safe harbor
for forward-looking statements contained in the U.S. Private
Securities Litigation Reform Act of 1995. Such risks, uncertainties
and other factors include, without limitation: (1) the effect of
economic conditions in the industries and markets in which Carrier
and our 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 COVID-19 and
its effects, among other things, on production and on global
supply, demand and distribution as the outbreak continues and
results in a prolonged period of travel, commercial and other
restrictions and limitations), 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,
capital spending and research and development spending; (4) future
availability of credit and factors that may affect such
availability, including credit market conditions and Carrier's
capital structure and credit ratings; (5) the timing and scope of
future repurchases of Carrier's common stock, including market
conditions and the level of other investing activities and uses of
cash; (6) delays and disruption in the 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) risks resulting from
being a smaller, less diversified company than prior to the
Separation; (10) the outcome of legal proceedings, investigations
and other contingencies; (11) the impact of pension plan
assumptions on future cash contributions and earnings; (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. (including in connection with the Biden administration
in Washington, D.C.) and other
countries in which Carrier and our businesses operate, including
the effect of changes in U.S. trade policies or the United Kingdom's withdrawal from the European
Union, on general market conditions, global trade policies and
currency exchange rates in the near term and beyond; (14) the
effect of changes (including potentially as a result of the Biden
administration in Washington,
D.C.) in tax, environmental, regulatory (including among
other things import/export) and other laws and regulations in the
U.S. and other countries in which we and our businesses operate;
(15) the ability of Carrier to retain and hire key personnel; (16)
the scope, nature, impact or timing of 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 of the Separation; (18) a
determination by the U.S. Internal Revenue Service and other tax
authorities that the Distribution or certain related transactions
should be treated as taxable transactions; (19) risks associated
with indebtedness, including that incurred as a result of financing
transactions undertaken in connection with the Separation, as well
as our ability to reduce indebtedness and the timing thereof; (20)
the risk that dis-synergy costs, costs of restructuring
transactions and other costs incurred in connection with the
Separation will exceed Carrier's estimates; and (21) the impact of
the Separation on Carrier's business and 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.
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 Carrier's reports on
Forms 10-K, 10-Q and 8-K filed with or furnished to the SEC 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
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SOURCE Carrier Global Corporation