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 $4.95 billion, marking a significant milestone in its portfolio realignment efforts. This transaction is part of Carrier's broader strategy to focus on high-growth, high-margin segments within the intelligent climate and energy solutions market.
Carrier Global Corporation (NYSE: CARR) announced the completion of its acquisition of BrokerBay Inc. on October 4, 2021, following a prior announcement on September 16, 2021. BrokerBay is an advanced real estate management cloud ecosystem, which will enhance Carrier's Supra segment, improving scheduling, communication, and agent productivity. This strategic acquisition aims to revolutionize digital services in the real estate sector and is part of Carrier's strategy to increase recurring revenue through enhanced offerings. The terms of the transaction were not disclosed.
Carrier is expanding its Healthy Homes initiative in China with the introduction of the Kidde MOON series of smart home devices, which includes various safety detectors. This marks Carrier's entry into China's growing residential smart home market, projected to reach US$ 48.2 billion by 2027. The products provide enhanced home health monitoring and connect via a mobile app, responding to increased demand for smart devices amidst urbanization trends.
Kidde has announced Birdie, a fire service dog from CAL FIRE, as the winner of its inaugural Fire Service Dog of the Year contest, held in recognition of National Fire Pup Day. The contest engaged U.S. fire departments to submit photos of their working dogs, with Birdie winning through popular vote. As a reward, Birdie’s station will receive 10 pet oxygen masks valued at $1,200 and other promotional features. Kidde emphasizes the importance of pet fire safety, launching campaigns to educate pet owners, especially as COVID-19 restrictions ease, allowing pets to be left alone more often.
ADRF, the largest pure-play in-building DAS provider, unveiled the ANN-L long range annunciator at the IWCE. This innovative product extends the range of alarms up to 1,000 feet, simplifying installation for system integrators and building owners. ADRF's Director of Public Safety emphasized the ease of use and flexibility provided by the ANN-L. Additionally, ADRF is showcasing interoperability with Edwards Fire and Life Safety System, enhancing centralized safety solutions in compliance with NFPA requirements. ADRF and Carrier Global Corporation have a strategic partnership to enhance emergency communication systems.
Carrier Global Corporation (NYSE: CARR) announced its agreement to acquire Nlyte Software, a leader in data center infrastructure management (DCIM) software. This acquisition aims to enhance Carrier's HVAC business by expanding its access to the growing DCIM market. Nlyte's expertise will support Carrier's focus on sustainable solutions and recurring revenues. The deal will integrate Nlyte into Automated Logic Corporation, improving operational efficiencies for data center customers. The transaction is expected to close in Q4 2021, pending customary conditions.
Carrier has installed a custom air conditioning solution in the historic Raphael Rooms at the Vatican Museums to ensure optimal ventilation and comfort during high summer temperatures reaching 104°F/40°C. This innovative system, designed to preserve the historical integrity of the space, features high-capacity fan coils and energy-efficient chillers. The project showcases Carrier's expertise in developing tailored HVAC solutions, continuing their collaboration with the Vatican, which began with the Sistine Chapel HVAC system in 2014. The installation supports both visitor comfort and the preservation of significant artworks.
Carrier Global Corporation (NYSE:CARR) has announced its agreement to acquire BrokerBay Inc., a leader in real estate management software. This acquisition aims to integrate BrokerBay's user-friendly solutions with Carrier's existing offerings in the Fire & Security sector, particularly enhancing its lockbox management system. The deal is expected to close in October and will streamline real estate processes, ultimately delivering improved efficiencies for agents. Carrier seeks to increase recurring revenue through this strategic acquisition, aligning with their long-term growth plans.
A recent global study led by the Harvard T.H. Chan School of Public Health revealed that enhanced ventilation in buildings significantly boosts cognitive function and health. Conducted across six countries, the COGfx Study 3: Global Buildings highlighted that increased levels of fine particulate matter (PM2.5) and carbon dioxide (CO2) negatively impact cognitive performance. The findings underscore the importance of mechanical ventilation and filtration systems in improving indoor air quality, thereby enhancing productivity and reducing health risks for occupants. Carrier Global Corporation, the primary supporter of this study, emphasizes innovative solutions for healthier indoor environments.
Carrier Global Corporation (NYSE: CARR) will participate in the 2021 Morgan Stanley Virtual Laguna Conference on Tuesday, Sept. 14, 2021, at 1:30 p.m. ET. CEO Dave Gitlin and CFO Patrick Goris will be speaking at the event, which can be accessed live at ir.carrier.com. A replay will be available post-event. Carrier is recognized as a leader in building and cold chain solutions, dedicated to sustainability and innovation for a better future.
Carrier has successfully completed the acquisition of Guangdong Giwee Group and its subsidiaries, including Guangdong Chigo Heating & Ventilation Equipment Co., Ltd. This follows an earlier announcement on June 3, 2021, of acquiring a controlling interest in Giwee Group. The Giwee Group, based in China, is known for manufacturing heating, ventilation, and air conditioning products. This acquisition is expected to enhance Carrier's product offerings and strengthen its position in the global HVAC market.
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