Carrier Global Corporation, established as an independent public company, following its spinoff from United Technologies Corp. in April 2020, is one of the top three global HVAC equipment manufacturers. In this Research Note, we examine two of its adjacent business areas – the Fire & Security and Building Automation businesses, based on Carrier’s 2021 10K Report, investor presentations and building technology-related activities throughout 2021. Carrier’s Fire & Security brands include Kidde, Edwards, GST, LenelS2, Marioff, Autronica, Aritech, Det-Tronics, Onity, Supra and Fireye which provide product and technology innovations that are supported by installation, maintenance and monitoring through a network of channel partners, along with web-based and mobile applications and cloud-based services.  For the year ended 31st December 2021, net sales in the Fire & Security segment were $5.5 billion, an 11% increase compared with the same period of 2020. The organic increase in net sales of 7% was driven by improved results across each of the Fire & Security segment’s […]