Smart Buildings

Carrier Portfolio Transformation: Update on Business Exits and Viessmann Acquisition

This Research Note reviews Carrier’s announcement to divest its commercial refrigeration business to Chinese manufacturer, Haier. This transaction is part of a series of divestments, brought about by the acquisition of Viessmann Climate Solutions. The state of play of Carrier’s portfolio transformation activities is assessed including the exit of the fire and security businesses. Carrier Commercial Refrigeration Transaction On 13 December 2023, Carrier announced a definitive agreement to sell their Commercial Refrigeration (CCR) business to Haier for $775 million (about 16.5X EBITDA). There is some discrepancy between the Carrier and Haier purchase price announcements on this transaction. Haier has valued its 100% equity acquisition at approximately $640 million which, it says, represents 11x P/E. Carrier reported the deal gave its commercial refrigeration business an enterprise value of $775 million, including about $200 million of net pension liabilities. Carrier Commercial Refrigeration has more than 4,000 global employees and a sales and service network spanning Europe and […]

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