Carrier completes sale of refrigeration business
2nd October 2024
USA/CHINA: Carrier has completed the $775m sale of its commercial refrigeration business to its Chinese joint venture partner Haier.
First announced in December, the $775m sale of Carrier Commercial Refrigeration includes approximately $200m of net pension liabilities. The net proceeds of the transaction will be used to pay down Carrier debt.
Carrier Transicold transport refrigeration, Sensitech and the Lynx digital ecosystem are not included in the transaction.
“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,” commented Carrier chairman and CEO David Gitlin.
The two companies have operated a joint venture business, Qingdao Haier-Carrier Refrigeration Equipment Co, since 2001.
“We are thrilled to welcome the 4,000+ Carrier Commercial Refrigeration employees into the Haier family,” said Li Huagang, Chairman and CEO of Haier Smart Home. “This transaction not only broadens our product portfolio but also provides a unique opportunity to create a better and more sustainable solution provider from industrial & food retail refrigeration to cold storage.”
Haier says that the acquisition will enable it to broaden its reach from home refrigeration to the commercial refrigeration market, enhancing its ability to offer comprehensive refrigeration solutions to a broader clientele in the industrial, food retail and cold storage sectors.
Carrier Commercial Refrigeration has more than 4,000 global employees and a sales and service network spanning Europe and the Asia Pacific region. Its brands include Profroid, Celsior and Green & Cool.
