Press release
Carrier Announces Close of $4.95B Sale of its Global Access Solutions Business
Advances Carrier's transformation into a focused global leader in intelligent climate and energy solutionsNet proceeds of $4B expected to be used to pay down
About this update from Honeywell International Inc.
[{"type":"text","content":"Advances Carrier's transformation into a focused global leader in intelligent climate and energy solutionsNet proceeds of $4B expected to be used to pay down debt and help reduce net leverage to approximately 2x EBITDAPositions Carrier to resume share repurchases in 2024PALM BEACH GARDENS, Fla., June 3, 2024 /PRNewswire/ -- Carrier Global Corporation (NYSE: CARR), global leader in intelligent climate and energy solutions, today announced it has completed the sale of its security business, Global Access Solutions, to Honeywell (NASDAQ: HON) for an enterprise value of $4.95 billion.\n\n \n \n \n \n \n \n\n \n\"Today marks the first completed sale as part of Carrier's portfolio transformation,\" said Carrier Chairman & CEO David Gitlin. \"Earlier this year we closed on our Viessmann Climate Solutions acquisition, which will be transformational for Carrier and the industry. We have agreements in place to sell the global Commercial Refrigeration and Industrial Fire businesses, both of which we plan to close in the third quarter. We have also initiated the sale process of our Commercial and Residential Fire businesses. Through these transactions, Carrier will transform into a more focused, higher-growth company ready to address important climate challenges. I want to personally thank the many talented Global Access Solutions employees for their contributions to the business and our customers over the years, and I look forward to watching this business continue to thrive under new ownership.\"\nCarrier intends to use net proceeds from the sales to pay down debt, expecting to return to ~2x net leverage by the end of 2024. The company also expects to resume share repurchases in 2024.\nGoldman Sachs & Co. LLC and J.P. Morgan Securities LLC are serving as financial advisor to Carrier. Paul, Weiss, Rifkind, Wharton & Garrison LLP and Linklaters LLP are providing external legal counsel.\nAbout Carrier Carrier Global Corporation, global leader in intelligent climate and energy solutions, is committed to creating solutions that matter for people and our planet for generations to come. From the beginning, we've led in inventing new technologies and entirely new industries. Today, we continue to lead because we have a world-class, diverse workforce that puts the customer at the center of everything we do. For more information, visit www.corporat...