- Net proceeds of approximately $1.1B expected to be used to pay down debt
- Global Commercial Refrigeration sale expected to close by the
end of Q3
- Sale process of Commercial and Residential Fire progressing as
expected
PALM
BEACH GARDENS, Fla., July 2, 2024
/PRNewswire/ -- Carrier Global Corporation (NYSE: CARR),
global leader in intelligent climate and energy solutions, today
announced it has completed the sale of its Industrial Fire business
to Sentinel Capital Partners for an enterprise value of $1.425
billion.
"We continue to make great progress on our planned business
exits, with today marking the second completed sale of
Carrier's portfolio transformation process," said Carrier
Chairman & CEO David Gitlin. "We
expect to close the Commercial Refrigeration sale by the end of the
third quarter of this year, and the sale process of Commercial and
Residential Fire is progressing as expected. I want to extend my
personal thanks to the Industrial Fire employees for their
contributions to the business and our customers over the
years."
Carrier intends to use net proceeds from the Industrial Fire
sale to pay down debt, expecting to return to ~2x net leverage by
the end of 2024. As previously disclosed, the company also expects
to resume share repurchases in 2024.
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 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:
Investor Relations
Sam Pearlstein
561-365-2251
Sam.Pearlstein@Carrier.com
Media Inquiries
Jason Shockley
561-542-0207
Jason.Shockley@Carrier.com
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SOURCE Carrier Global Corporation