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 (NYSE: CARR) announced the early results of its cash tender offers for outstanding debt securities. The company increased the Aggregate Purchase Price from $800 million to $1 billion. As of the Early Tender Date on August 8, 2024:
- 5.900% Notes due 2034: $732,473,000 tendered (73.25% of outstanding)
- 6.200% Notes due 2054: $692,787,000 tendered (69.28% of outstanding)
- 3.577% Notes due 2050: $906,891,000 tendered (45.34% of outstanding)
Due to oversubscription, not all tendered Securities will be accepted. The company does not expect to accept any 3.377% Notes due 2040 or 2.242% Notes due 2025. The settlement date for accepted Securities is anticipated to be August 13, 2024.
Carrier (NYSE: CARR) and Sibi, a supply chain technology platform, have announced a collaboration to revolutionize the HVAC industry's supply chain management. This partnership aims to enhance data-driven efficiency and create an optimized system for home builders. Key features of the collaboration include:
1. Integration of Sibi's products with Carrier's distribution channel partners
2. Direct order placement for Carrier solutions through Sibi's interface
3. Carrier's access to Single-Family Rental, Multi-Family Rental, Home Warranty, and New Construction networks
4. Digital tools to enhance HVAC contractors' operations
5. Leveraging AI and advanced technologies for operational efficiency
This collaboration is expected to streamline the supply chain, save time, and provide instant access to Carrier products for contractors.
Carrier Global 's Sensitech business has completed the acquisition of Berlinger & Co. AG's Monitoring Solutions business. This strategic move expands Sensitech's cold chain monitoring portfolio in the pharmaceutical and life sciences industry. Key points:
- Berlinger specializes in monitoring temperature-sensitive goods
- Acquisition adds innovative solutions, including real-time monitoring and analytics
- Expands Sensitech's market reach into stationary monitoring and global health
- Approximately 85 employees from Berlinger join Sensitech
- Berlinger operates in Switzerland, the Netherlands, and the United States
This acquisition aims to create more comprehensive and differentiated cold chain monitoring solutions, enhancing Sensitech's capabilities in supply chain visibility.
Carrier Global (NYSE: CARR) has announced tender offers to purchase up to $800 million in outstanding debt securities. The offers target five series of notes with maturities ranging from 2025 to 2054. The tender offers are subject to an Aggregate Purchase Price of $800 million and specific Series Tender Caps for two note series.
Key points:
- Early Tender Date: August 8, 2024, 5:00 p.m. ET
- Expiration Date: August 22, 2024, 11:59 p.m. ET
- Early Tender Payment: $30 per $1,000 principal amount
- Expected settlement date: August 27, 2024
The tender offers aim to manage Carrier's debt profile and are not subject to minimum tender conditions. Morgan Stanley, J.P. Morgan, and Wells Fargo Securities are leading the offers as dealer managers.
Carrier Global (NYSE:CARR) reported strong Q2 2024 results, with net sales of $6.7 billion, up 12% year-over-year. Organic sales grew 2%, while the Viessmann Climate Solutions acquisition contributed approximately 12%. GAAP EPS increased significantly to $2.55, and adjusted EPS rose to $0.87, up double-digits. The company expanded GAAP operating margin significantly and adjusted operating margin by 200 basis points.
Carrier reaffirmed its full-year 2024 adjusted EPS guidance range and closed two of four planned business exit transactions. The company plans to repurchase about $1 billion worth of shares in the second half of 2024. Carrier's strong operational execution and portfolio transformation progress have enabled a reduction in net debt by about $5 billion in the quarter.
Carrier Global (NYSE: CARR), a leader in intelligent climate and energy solutions, will release its second quarter 2024 earnings on July 25, 2024. The conference call and webcast will begin at 7:30 a.m. ET, accessible via the company's investor relations site. Participants must pre-register to receive dial-in information and a PIN for access. An archived recording will be available later on the same site.
Carrier Global (NYSE: CARR) announced the completion of its Industrial Fire business sale to Sentinel Capital Partners for $1.425 billion. The deal aligns with Carrier's portfolio transformation strategy and marks the second completed sale. CEO David Gitlin highlighted the company's progress and anticipated the closure of its Commercial Refrigeration sale by Q3 2024. Carrier plans to use approximately $1.1 billion in net proceeds to pay down debt, targeting a net leverage ratio of ~2x by the end of 2024. The company also aims to resume share repurchases in 2024. Financial advisors for the transaction were Goldman Sachs and J.P. Morgan Securities, with legal counsel from Paul, Weiss, Rifkind, Wharton & Garrison and Linklaters.
Sentinel Capital Partners has acquired Carrier's industrial fire business for $1.425 billion, forming a new standalone entity named Spectrum Safety Solutions. Headquartered in Stamford, Connecticut, Spectrum manufactures branded industrial fire detection and suppression products for high-hazard environments.
Spectrum consists of four well-known brands: Det-Tronics, Marioff, Autronica, and Fireye, serving critical infrastructure, marine, and clean energy sectors across 20 countries. With 1,400 employees and facilities in the USA, Norway, and Finland, Spectrum aims to accelerate growth under Sentinel's ownership.
Sentinel has a history of successful investments in the industrial sector, marking Spectrum as their eighth corporate carveout. Sentinel's expertise is expected to enhance Spectrum’s focus on growth and customer service.
Carrier Global , through its Sensitech business, has announced a definitive agreement to acquire Berlinger & Co.'s Monitoring Solutions business. Sensitech, a leader in supply chain visibility, aims to bolster its portfolio in the pharmaceutical and life sciences sectors. The acquisition includes Berlinger's proprietary hardware and software, such as the SmartSystem platform and Fridge-tag products, enhancing Sensitech's real-time, end-to-end cold chain monitoring capabilities. Approximately 85 employees from Berlinger will join Sensitech. The transaction, expected to close in Q3 2024, will accelerate Sensitech's growth in digital and automated monitoring solutions.
Carrier Global (NYSE: CARR) announced that their ambitious greenhouse gas emission reduction goals have been validated by the Science Based Targets initiative (SBTi). Carrier aims to reduce absolute scope 1 and 2 GHG emissions by 42% and scope 3 emissions by 25% by 2030, from a 2021 base year, and achieve net-zero emissions across the value chain by 2050. The validation supports Carrier's decarbonization leadership and aligns with the goal of limiting global warming to 1.5°C.
Carrier's targets are part of their strategic transformation through electrification, integration, and resilience, helping customers meet sustainability goals. They are committed to reducing more than 1 gigaton of GHG emissions by 2030, leveraging energy-efficient heat pumps, all-electric refrigeration, and connected technologies to enhance efficiencies in buildings, homes, and the cold chain.
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