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) is partnering with the American Hotel & Lodging Association (AHLA) to refine the Safe Stay Guidelines for the hospitality sector. This initiative aims to enhance air quality, ventilation, and contactless solutions in hotels, aiding the industry's recovery from the pandemic. Carrier will contribute its expertise in healthy building solutions and work collaboratively with industry leaders to create practical guidance for hotel operators. This partnership underscores Carrier's commitment to improving guest health and safety standards.
Carrier Global Corporation (CARR) and the International WELL Building Institute (IWBI) are collaborating to enhance healthy building practices globally. This partnership aims to accelerate market transformation through education and the adoption of health-oriented building solutions. Carrier has achieved the WELL Health-Safety Rating for its Shanghai factory and offices in major Chinese cities. The initiative is designed to improve indoor environments, critical during the pandemic. Key efforts will include research, new solutions for safe indoor spaces, and policy work to enhance accessibility to healthier residences.
Carrier Global Corporation (NYSE: CARR) announced that Alfa Laval has joined its Carrier Alliance program through a strategic long-term agreement. This partnership will allow Alfa Laval to supply engineered heat exchangers for Carrier's Commercial HVAC and Refrigeration portfolios globally. The collaboration aims to enhance sustainability and reduce environmental impacts through improved thermal efficiency. This agreement strengthens Carrier's supply chain, driving cost savings and future growth opportunities for both companies.
Automated Logic has partnered with Valencia College to create a hands-on degree program in Energy Management and Control (EMCT) to tackle the shortage of skilled technicians in the building automation industry. The initiative includes a grant for curriculum development, scholarships, and paid internships to enhance student employability. Automated Logic's president highlighted the need for talent in Florida and plans to expand the program nationally. This collaboration is designed to support a robust talent pipeline in building automation.
Carrier Global Corporation (NYSE: CARR) will be represented by President & CEO Dave Gitlin and CFO Patrick Goris at the Barclays Industrial Select Conference on February 16, 2021, at 12:50 p.m. EST. The conference will be broadcast live and will allow investors and stakeholders to gain insights into the company's strategies and performance. A replay of the webcast will be available afterward on their website. Carrier is a leading provider of sustainable building and cold chain solutions, emphasizing innovation and a customer-centered approach.
Carrier Global Corporation (NYSE: CARR) reported 2020 results with sales of $17.5 billion, a 6% decline, and a GAAP operating profit of $3.1 billion, up 24%. The company experienced strong performance in North American residential HVAC in Q4, contributing to a sales growth of 2% year-over-year. For 2021, Carrier forecasts 6-8% sales growth, 13.5% adjusted operating margin, and adjusted EPS between $1.85 and $1.95. Additionally, a $350 million share repurchase program was authorized by the Board to enhance shareholder value.
Carrier has launched its first e-commerce website, CarrierAtHome.com, allowing consumers to purchase indoor air quality products. The site features Carrier's new room air purifiers, which capture over 99% of airborne contaminants. These purifiers come in two sizes, suitable for rooms up to 400 and 550 square feet. Additionally, customers can find replacement filters and a quiz to find suitable air quality solutions. Carrier is part of Carrier Global Corporation (NYSE: CARR), focusing on providing sustainable building solutions.
The Board of Directors of Carrier Global Corporation (NYSE: CARR) has elected David Gitlin as Chairman, effective immediately after the 2021 Annual Meeting on April 19, 2021. Gitlin, who has served as CEO since June 2019, succeeds John V. Faraci, who will remain on the Board. The change reflects confidence in Gitlin's leadership amid challenges, including the impact of COVID-19. Jean-Pierre Garnier will continue as Lead Independent Director, enhancing governance stability as Carrier implements its growth strategy.
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