- Advances Carrier's transformation into a focused global leader
in intelligent climate and energy solutions
- Net proceeds of $4B expected to
be used to pay down debt and help reduce net leverage to
approximately 2x EBITDA
- Positions Carrier to resume share repurchases in 2024
PALM
BEACH GARDENS, Fla., June 3, 2024
/PRNewswire/ -- Carrier Global Corporation (NYSE: CARR), global
leader in intelligent climate and energy solutions, today announced
it has completed the sale of its security business, Global Access
Solutions, to Honeywell (NASDAQ: HON) for an enterprise value
of $4.95 billion.
"Today marks the first completed sale as part of Carrier's
portfolio transformation," said Carrier Chairman & CEO
David Gitlin. "Earlier this year we
closed on our Viessmann Climate Solutions acquisition, which will
be transformational for Carrier and the industry. We have
agreements in place to sell the global Commercial Refrigeration and
Industrial Fire businesses, both of which we plan to close in the
third quarter. We have also initiated the sale process of our
Commercial and Residential Fire businesses. Through these
transactions, Carrier will transform into a more focused,
higher-growth company ready to address important climate
challenges. I want to personally thank the many talented Global
Access Solutions employees for their contributions to the business
and our customers over the years, and I look forward to watching
this business continue to thrive under new ownership."
Carrier intends to use net proceeds from the sales to pay down
debt, expecting to return to ~2x net leverage by the end of 2024.
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 www.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 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, our portfolio
transformation and the use of the anticipated proceeds thereof,
potential future investments, 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
Ashley Barrie
860-416-3657
Ashley.Barrie@Carrier.com
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SOURCE Carrier Global Corporation