Carrier Completes Sale of Industrial Fire Business

USA: Carrier Global Corporation, a global leader in intelligent climate and energy solutions, has completed the sale of its Industrial Fire business to Sentinel Capital Partners for an enterprise value of USD 1.425 billion.

This marks the second completed sale in Carrier's portfolio transformation process. The company expects to close the sale of its Commercial Refrigeration business by the end of the third quarter and continues to progress with the sale of its Commercial and Residential Fire divisions. Carrier plans to use the proceeds from the Industrial Fire sale to reduce debt, aiming to achieve approximately 2x net leverage by the end of 2024, and anticipates resuming share repurchases in 2024. Financial advisory services were provided by Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC.

Source: Carrier