Welcome to our dedicated page for Carrier Global Corporation news (Ticker: CARR), a resource for investors and traders seeking the latest updates and insights on Carrier Global Corporation stock.
Carrier Global Corporation (NYSE: CARR) is a leading provider in the heating, ventilation, and air conditioning (HVAC), refrigeration, and fire & security sectors. The company serves both residential and commercial markets, with the HVAC segment contributing significantly to its revenue—60% from commercial and 40% from residential markets. Carrier's refrigeration segment includes transportation refrigeration, Sensitech supply chain monitoring, and commercial refrigeration businesses. The fire and security division manufactures a range of products, including fire detection and suppression systems, access control, and intrusion detection solutions.
Recently, Carrier has been actively transforming its portfolio. In April 2023, the firm announced plans to divest its fire and security and commercial refrigeration businesses. This strategic move was complemented by the acquisition of Germany-based Viessmann Climate Solutions for approximately $13 billion, aiming to bolster its climate and energy solutions offerings.
In a recent announcement on March 5, 2024, Carrier entered into a definitive agreement to sell its Industrial Fire business to Sentinel Capital Partners for $1.425 billion. This sale includes prominent brands like Det-Tronics, Marioff, Autronica, and Fireye. The transaction, expected to close in the third quarter of 2024, will allow Carrier to focus on its vision of becoming a global leader in intelligent climate and energy solutions. The firm plans to use the proceeds from this sale to pay down debt and resume share repurchases.
Carrier continues to innovate, recently leading an investment in Strategic Thermal Labs for a revolutionary liquid cooling solution for data centers. This initiative aligns with the company's goal to enhance energy efficiency and support high-density computing needs. Additionally, Carrier's financial performance remains strong, as evidenced by its robust first-quarter 2024 results showing a 17% increase in sales, bolstered by the Viessmann acquisition and organic growth.
Further solidifying its transformation, Carrier successfully sold its Global Access Solutions business to Honeywell for $4.95 billion, marking a significant milestone in its portfolio realignment efforts. This transaction is part of Carrier's broader strategy to focus on high-growth, high-margin segments within the intelligent climate and energy solutions market.
Automated Logic has acquired Integrated Control Systems Inc (ICSI), enhancing its building management solutions. This acquisition enables geographical expansion and the growth of services, creating recurring revenue opportunities. ICSI, established as an Automated Logic dealer in 1996, specializes in automated building controls for various sectors including education and healthcare. The financial terms of the deal remain undisclosed. This strategic move aims to bolster customer value with a focus on sustainability and innovative solutions.
Kidde, a leader in fire safety, unveiled its new Smoke + Carbon Monoxide Alarm with smart features and an integrated mobile app, enhancing home safety through Wi-Fi connectivity. This innovative system allows users to convert existing hardwired Kidde alarms into smart devices, providing real-time alerts and notifications via mobile. Key features include double detection for smoke and carbon monoxide, a 10-year battery guarantee, voice control compatibility, and the ability to notify others in case of emergencies. This launch supports Carrier Global Corporation's Healthy Homes initiative.
Carrier Global Corporation (NYSE: CARR) has initiated a $500 million accelerated share repurchase (ASR) agreement with Goldman Sachs. This buyback is financed through proceeds from the Chubb business sale, part of a broader $1.6 billion repurchase program. The initial payment will allow the company to acquire approximately 7.6 million shares immediately, with final share counts determined by market conditions. This strategy reflects Carrier's commitment to enhancing shareholder value and indicates strong confidence in its long-term strategy.
Carrier Global Corporation (NYSE: CARR) has finalized the sale of its Chubb fire and security business to APi Group Corporation (NYSE: APG) for an enterprise value of $3.1 billion. This strategic sale allows Carrier to concentrate on its core operations and utilize the proceeds for growth initiatives, dividends, and share buybacks while maintaining a strong credit rating. The Chubb fire and security products business remains part of Carrier's portfolio. Carrier's CEO highlighted that the sale enhances growth, margin, and free cash flow.
APi Group Corporation (NYSE: APG) has successfully completed the acquisition of Chubb's fire and security business from Carrier Global Corporation (NYSE: CARR) for an enterprise value of $3.1 billion. This strategic move aims to enhance APi's position as a global leader in life safety services, with a focus on recurring revenue. Chubb, employing approximately 13,000 globally, operates in 17 countries, serving over 1.5 million customer sites. The acquisition is expected to drive revenue growth through cross-selling opportunities and synergies.
Carrier Global Corporation (NYSE: CARR) announced that director John V. Faraci will not seek re-election at the Annual Meeting on April 14, 2022. Faraci, who joined the board post the company's separation from United Technologies in April 2020, has been pivotal in transitioning Carrier to an independent public company. CEO Dave Gitlin praised Faraci's leadership and mentorship during his tenure. Faraci expressed confidence in Carrier's future growth under the current board and management.
Carrier Global Corporation (NYSE: CARR) announced that its Center for Intelligent Buildings in Palm Beach Gardens, Florida, has earned the WELL Platinum Certification, becoming the first commercial building in Florida to achieve this accolade. The facility, which is 224,000 square feet, also holds LEED Platinum certification, making it one of only six buildings in the U.S. with both designations. This underscores Carrier's commitment to health, sustainability, and innovative building solutions, demonstrating enhanced indoor air quality and employee well-being through advanced digital technologies.
Carrier Global Corporation (NYSE:CARR) has announced a quarterly dividend increase of $0.15 per share, marking a 25% rise from the previous dividend. This dividend will be paid on February 10, 2022, to shareholders recorded by December 23, 2021. Chairman & CEO Dave Gitlin highlighted the company's strong cash flow and improved balance sheet, indicating confidence in its financial strength and future outlook. The increase reflects a commitment to a balanced capital allocation strategy.
Carrier has achieved zero waste to landfill certification for its Indianapolis manufacturing site, a significant milestone as part of its 2030 Environmental, Social and Governance (ESG) goals. This facility is the first of Carrier Global Corporation (NYSE: CARR) to reach this designation, ensuring that waste is converted to energy and other uses. The company aims for all 50+ global manufacturing sites to achieve this status, contributing to sustainability initiatives such as carbon neutrality and a 10% reduction in energy intensity. The site partnered with Heritage Interactive Services to facilitate this achievement.
Carrier Global Corporation (NYSE: CARR) has joined the Amazon Web Services (AWS) Partner Network (APN) as part of its digital transformation strategy. This partnership enables Carrier to expand its reach and customer engagement through AWS's support. Carrier will leverage its partnership to offer innovative digital solutions like the smart building platform Abound and the Lynx cold chain operations platform. Both platforms aim to enhance transparency, connectivity, and data insights for customers in various sectors.
FAQ
What is the current stock price of Carrier Global Corporation (CARR)?
What is the market cap of Carrier Global Corporation (CARR)?
What does Carrier Global Corporation do?
What are Carrier's recent strategic moves?
What major business has Carrier sold recently?
How is Carrier performing financially?
What is Carrier's current focus?
What are Carrier's main business segments?
What innovations is Carrier working on?
How is Carrier planning to use the proceeds from its business sales?
Where can I find more information about Carrier?
What recent acquisition has Carrier made to enhance its climate solutions?
