Carrier Global Corporation has announced the completion of its $775 million sale of its commercial refrigeration business to long-standing joint venture partner Haier. The enterprise value includes approximately $200 million of net pension liabilities.
This sale represents a key step in Carrier's strategic focus on its core businesses, following the recent divestitures of Industrial Fire and Global Access Solutions, and the announced sale of Commercial and Residential Fire. The divestitures are part of Carrier's broader portfolio transformation.
Carrier Transicold transport refrigeration, Sensitech, and the Lynx digital ecosystem are not included in the transaction and remain central to Carrier's vision.
"The sale of Carrier Commercial Refrigeration marks a significant step in our portfolio transformation to further strengthen our company's global leadership position in intelligent climate and energy solutions," said Carrier Chairman & CEO David Gitlin. "Three of four announced business exits are now complete, and the sale of Commercial and Residential Fire is expected to close by the end of 2024. I want to thank the thousands of Carrier Commercial Refrigeration employees for their contributions to the business and wish them the best with Haier."
Net proceeds from the transaction will be used to pay down debt.
