Breaking News: Carrier Global Sells Fire Business for $3 Billion
Carrier Global Corporation (NYSE: CARR) today announced that it has agreed to sell its fire & security business to United Technologies Corporation (UTX) for $3 billion in cash. The transaction is expected to close by the end of 2023, subject to regulatory approvals and other customary closing conditions.
Background:
Carrier’s fire & security business provides fire suppression and security systems to commercial, industrial, and residential customers worldwide. The business has a strong brand presence in the industry and has been a key part of Carrier’s operations for decades.
Financial Details:
The sale price of $3 billion is a significant premium to Carrier’s expected 2023 revenue from the fire & security business. The transaction is expected to generate significant cash for Carrier, which the company plans to use to reduce debt and invest in its core businesses.
Strategic Rationale:
The sale of the fire & security business is part of Carrier’s strategy to focus on its core businesses and reduce its portfolio complexity. The company believes that the fire & security business is not a core part of its operations and that the sale will allow it to concentrate on its HVAC, refrigeration, and building solutions businesses.
Impact on Shareholders:
The sale of the fire & security business is expected to be accretive to Carrier’s earnings per share in 2023 and 2024. The company expects to use the cash proceeds from the sale to reduce debt and invest in its core businesses, which is expected to drive long-term growth and value creation for shareholders.
Industry Reaction:
Industry analysts are generally positive on the deal, citing the strategic benefits for both Carrier and UTX. The sale is expected to be a win-win for both companies, as it will allow Carrier to focus on its core businesses and provide UTX with a strong platform for growth in the fire & security industry.
Quote:
"We believe that the sale of our fire & security business is a significant step forward for Carrier and its shareholders," said Carrier CEO Dave Gitlin. "The transaction allows us to focus on our core businesses and provides a strong platform for growth and value creation."
Search Engine Optimization (SEO) Tags:
- Carrier Global
- NYSE: CARR
- Fire & Security Business
- United Technologies Corporation (UTX)
- Mergers and Acquisitions
- Industrial Conglomerates
- Business News
- Energy News
- Sustainability News
- NYSE Stocks
- Financial News
- Market News
- Corporate News
- Business Transactions
- Strategic Acquisitions
- Investment News
- Finance News
Carrier Global (NYSE:CARR) sells fire business for $3B #Business #Energy #News #Sustainability #NYSE
View info-news.info by GrafaCharts