Carrier Announces Agreement to Sell Carrier Commercial Refrigeration to Haier

PALM BEACH GARDENS, Fla., Dec. 13, 2023 /PRNewswire/ -- Carrier Global Corporation (NYSE: CARR), global leader in intelligent climate and energy solutions, entered into a definitive agreement today to sell its global commercial refrigeration business to its decades-long joint venture partner Haier (stock ticker: 600690) for an enterprise value of $775 million, including approximately $200 million of net pension liabilities. This represents about 16.5x 2023 expected EBITDA. Today's announcement follows last week's agreement to sell Carrier's Global Access Solutions business and marks another meaningful step forward in the company's portfolio transformation. Definitive agreements are now in place to exit businesses representing about half the EBITDA Carrier is divesting.