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) has welcomed Koura Fluorochemicals as a new supplier in its Carrier Alliance program. This long-term strategic agreement allows Koura to expand its operations globally across Carrier's HVAC and Refrigeration portfolios in North America, Europe, and Asia Pacific. Carrier emphasizes quality, sustainability, and cost excellence in its partnerships, and Koura aligns with these values. This collaboration aims to enhance the supply chain and foster growth opportunities for both companies.
Carrier Global Corporation (NYSE:CARR) is set to release its fourth quarter 2020 earnings on February 9, 2021, at 9:00 a.m. ET. The company will host a conference call and webcast for investors, available at ir.carrier.com. The earnings call can also be accessed by phone at (877) 742-9091, with a replay available following the event until February 16, 2021. Carrier Global is a leader in healthy, safe, and sustainable building solutions, dedicated to innovation and customer-centric services.
Carrier Global Corporation (NYSE: CARR) has announced that Broad-Ocean Motor has joined its Carrier Alliance program, establishing a long-term agreement for supplying OEM and replacement motors for Carrier's HVAC and Refrigeration portfolios in North America and Asia. This partnership aims to enhance supply chain efficiency and drive cost savings. Broad-Ocean Motor has a decade-long relationship with Carrier and has increased its manufacturing capacity to meet evolving efficiency and regulatory needs.
Carrier Global Corporation (NYSE: CARR) received an unsolicited mini-tender offer from TRC Capital Investment Corporation to buy up to 3 million shares at $37.00 each, which is 4.61 percent below the market price as of December 18, 2020. Carrier advises shareholders to reject this offer, citing its below-market value and the offer's conditional nature. Furthermore, the SEC warns that such offers may lack investor protections. Shareholders who have tendered shares should withdraw them before the offer's expiration on January 21, 2021.
Carrier Global Corporation (NYSE: CARR) has announced a strategic long-term agreement with Danfoss, joining the Carrier Alliance program. Danfoss will supply components such as compressors and valves for Carrier's HVAC and Refrigeration portfolios, including Carrier-branded replacement compressors. This partnership aims to enhance technology and reduce environmental impact, notably through the use of advanced R32 refrigerant chillers that cut greenhouse gas emissions by up to 77%. The collaboration promises to optimize the supply chain and foster future innovations in energy efficiency.
Carrier Global Corporation (NYSE: CARR) announced that Granges Americas, Inc. has joined its Carrier Alliance program and signed a long-term agreement to supply aluminum foil products for Carrier's HVAC and Refrigeration lines in North America. This collaboration enhances Carrier's supply chain and optimizes cost savings, ensuring a steady supply of high-performance materials essential for their products. With over 10 years of partnership, Granges is set to continue delivering quality aluminum products, marking a win-win for both companies.
Carrier Global Corporation (NYSE: CARR) announced the successful launch of its BluEdge service platform, achieving 1,000 signed service agreements within six months. The service, originally available in North America and Asia, now extends to Commercial HVAC customers in the Middle East and Europe. Carrier anticipates a 30% conversion rate in Commercial HVAC this year, driven by tailored service offerings. Additionally, the company completed a pilot for its Condition Based Maintenance program, boasting a 30% reduction in equipment alarms and plans to expand it across 10,000 stores in Europe by the end of 2023.
Carrier Global Corporation (NYSE: CARR) announced that Wabash Plastics has joined the Carrier Alliance program and signed a strategic long-term agreement. Wabash will supply injection molded components for Carrier's Residential HVAC products, reinforcing their two-decade relationship. This partnership aims to optimize the supply chain, enhance cost savings, and ensure quality service. The collaboration supports Carrier's high-efficiency gas furnaces and heating systems, which appeal to homeowners looking to reduce energy costs and environmental impact.
Carrier Global Corporation (NYSE:CARR) announced a 50% increase in its quarterly dividend, raising it from $0.08 to $0.12 per share. This dividend will be payable on February 10, 2021, to shareholders of record by the close of business on December 23, 2020. Carrier's President & CEO, Dave Gitlin, highlighted that the increase reflects confidence in the company's performance and balanced capital deployment, along with a significant $1.5 billion debt repayment. Carrier continues to focus on growth and sustainability in building solutions.
Carrier Global Corporation (NYSE: CARR) has signed an agreement to sell its remaining stake in Beijer Ref AB to EQT for approximately $1.1 billion. This follows the previous sale of 9.25 million B shares for about $300 million in September 2020. The sale aims to enhance value for shareholders by reallocating proceeds towards growth initiatives and debt reduction. The transaction is expected to close by the end of December 2020, pending regulatory approval. Carrier maintains a distribution relationship with Beijer Ref, which specializes in refrigeration and HVAC products.
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