Carrier has announced strategic actions that will transform the Company’s business portfolio and establish Carrier as a pure-play, intelligent climate and energy solutions company. They will acquire Viessmann Climate Solutions in a cash and stock transaction valued at €12 billion. They also plan to exit their Fire & Security and Commercial Refrigeration cabinet businesses. This Research Note is based on the Carrier Portfolio Transformation press release, investor presentation and analyst call, 26 April 2023, Viessmann press releases and Memoori’s previous analysis of Carrier and Viessmann businesses. With 70% of its business consisting of heat pumps and related accessories, solar PV, batteries and services, Viessmann Climate Solutions is a leader in Europe’s energy transition. Headquartered in Allendorf, Germany with 11,000 employees, Viessmann Climate Solutions anticipates around €4 billion sales in 2023. The transaction multiple accounts for around 13x 2023E fully synergized EBITDA. The Viessmann group has achieved record growth in the last two years +21% in […]