Carrier to sell industrial fire business in $1.43 billion deal

[March 05, 2024]  (Reuters) - Carrier said on Tuesday it would sell its Industrial Fire division to Sentinel Capital Partners in a $1.43 billion deal, as it looks to focus on its mainstay heating and cooling equipment businesses.  

A private security guard walks past a logo of Carrier Corp outside the air conditioner plant, a unit of United Technologies Corp, in Santa Catarina, on the outskirts of Monterrey, Mexico, February 17, 2016. REUTERS/Daniel Becerril/File Photo

The Florida-based company last year bought German industrial firm Viessmann's air conditioning division and sold its Global Access Solution business to Honeywell.

Carrier expects net proceeds from the transaction to exceed $1.1 billion and intends to use the proceeds to pay down debt.

The deal is expected to close in the third quarter.

(Reporting by Abhinav Parmar and Kannaki Deka; Editing by Shilpi Majumdar and Sriraj Kalluvila)

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