Carrier Global Corporation 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.
"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."
Carrier 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.
