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 has launched its support for Habitat for Humanity's Home is the Key campaign with a $250,000 donation. This initiative, aimed at promoting homeownership, underscores Carrier's long-term commitment to the community, having built a Habitat home annually since 1998. The campaign engages employees and the dealer network throughout April to raise awareness and funds for affordable housing. Carrier, a leader in sustainable building solutions, continues to partner with Habitat to enhance community health and economic stability.
Carrier Global Corporation (NYSE: CARR) is addressing the surge in COVID-19 vaccine distribution by leveraging its extensive refrigeration equipment and innovative cold storage solutions. The company collaborates with pharmaceutical firms and healthcare providers to ensure safe transportation and storage of vaccines. Carrier's offerings include mobile cold storage units and temperature monitoring technologies, which are critical for maintaining vaccine efficacy. The aim is to support mass vaccination efforts across the U.S. as the government strives to make vaccines available to all adults by the end of May 2021.
Manteca Unified School District in northern California has installed 1,500 Carrier OptiClean™ Dual-Mode Air Scrubber & Negative Air Machines across its 30 schools to enhance indoor air quality (IAQ) for over 27,000 students and staff. This initiative comes as schools reopen, aiming to combat poor air quality worsened by local agriculture and wildfires. Carrier, a global leader in building and cold chain solutions, provides key IAQ solutions. The OptiClean product, recognized by TIME's 100 Best Inventions of 2020, is part of Carrier's expanded Healthy Buildings Program.
Carrier Commercial Service has signed a three-year service agreement with Jefferson Regional Medical Center in Pine Bluff, Arkansas. This agreement covers over 100 HVAC assets totaling 2,500 tons of cooling and includes support for Carrier's i-Vu® Building Automation System. As part of the BluEdge™ Elite service, Carrier aims to enhance operational efficiency and comfort for the medical center, which serves approximately 220,000 patients across 11 counties. This collaboration emphasizes predictive analytics, continuous emergency support, and remote monitoring for improved service delivery.
Carrier has signed an agreement with Watsco to form a joint venture aimed at acquiring Temperature Equipment Corporation (TEC), the largest Carrier distributor in the Midwest. Watsco will hold an 80% stake, while Carrier retains 20%. This independent venture seeks to enhance market leadership in the Midwest. The deal underscores Carrier's strategy of strategic bolt-on M&A, leveraging TEC's established market position and Watsco's expertise. The acquisition is anticipated to close within 30 days, pending customary conditions.
Carrier Transicold has partnered with Portuguese technology firm AddVolt to enhance its electrification capabilities in refrigerated transport systems across Europe. This collaboration marks a significant step towards the adoption of electric trailer refrigeration, aiming to transition from diesel-powered units to sustainable solutions. The partnership integrates AddVolt's engine-agnostic technology and real-time telematics with Carrier's Lynx™ digital platform. Carrier continues to innovate in the electric sector, having recently launched the Vector® eCool™, a fully autonomous all-electric refrigerated trailer system.
Carrier Global Corporation (NYSE: CARR) is expanding its Healthy Buildings Program to facilitate a safe return to in-person instruction in K-12 schools amid the rollout of the $1.9 trillion American Rescue Plan Act. The new BluEdge K-12 program offers tailored indoor air quality solutions with attractive pricing. Schools can benefit from proprietary assessments and recommended improvements that include advanced filtration and ventilation kits. These initiatives aim to enhance public health and inspire confidence among parents and staff as schools reopen safely.
Carrier Global Corporation (NYSE: CARR) announced that Emerson (NYSE: EMR) has joined its Carrier Alliance program. This partnership aims to enhance their collaboration on advanced technologies, particularly in the HVAC and Refrigeration sectors. Emerson will supply critical components, such as compressors and sensors, which are essential for Carrier's product offerings. The agreement is expected to improve data analytics and product quality, addressing higher Seasonal Energy Efficiency Ratio (SEER) standards set for 2023. Both companies are focused on providing sustainable solutions in a changing regulatory landscape.
Carrier has launched a new website targeting small-business owners seeking indoor air quality solutions. The site features the OptiClean Air Scrubber for direct purchase. This device effectively cleans air using HEPA filters and is designed for various room sizes, supporting optimal indoor environments. Notably, the OptiClean was recognized by TIME in its 100 Best Inventions of 2020. Carrier aims to simplify access to these technologies for businesses evaluating air quality.
Carrier Global Corporation (NYSE:CARR) will present at the J.P. Morgan 2021 Industrials Conference on March 16, 2021, at 8:50 a.m. ET. President & CEO Dave Gitlin and CFO Patrick Goris will represent the company. The event will be broadcast live on ir.carrier.com, with a replay available afterward. Carrier is a leading global provider of healthy, safe, and sustainable building solutions, focused on innovation and customer satisfaction.
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