Carrier Corporation - Experts & Thought Leaders

Honeywell has completed the sale of its Personal Protective Equipment (PPE) business to Protective Industrial Products, Inc. for $1.325 billion in an all-cash transaction. PIP is a global supplier and manufacturer of PPE products and a portfolio company of Odyssey Investment Partners. Advances Honeywell's efforts The sale further advances Honeywell's efforts to optimize its portfolio, while allowing the PPE business to build a strong future with PIP as it continues to deliver value for its customers across the globe. It also marks the completion of Honeywell's exit from the PPE space, following the 2021 divestiture of Honeywell's Lifestyle and Performance Footwear Business to Rocky Brands. PPE's future opportunities PPE business to build a strong future with PIP as it continues to deliver value for its customers "Completing the divestiture of our PPE business is another critical step in simplifying and optimizing our portfolio for growth in our core businesses," said Vimal Kapur, Chairman and CEO of Honeywell. He adds, "Beyond the benefits for Honeywell, the sale also strengthens PPE's future opportunities given the strong alignment to PIP's core business." Honeywell's recent announcement The completion of this sale follows Honeywell's recent announcement of the planned separation of its Aerospace Technologies business along with the previously announced spin of Advanced Materials, which will result in three publicly listed industry leaders with distinct strategies and growth drivers.  Since December 2023, Honeywell has announced a number of strategic actions to drive organic growth and simplify its portfolio. This includes $13.5 billion of accretive acquisitions: the Access Solutions business from Carrier Global, Civitanavi Systems, CAES Systems, the LNG business from Air Products and the announced acquisitions of Sundyne and Johnson Matthey's Catalyst Technologies Business.

Edwards, a global pioneer in fire alarm, mass notification, and hazard warning systems, has introduced a major update to the Genesis™ LED Notification Appliances portfolio with the launch of Genesis™ LED High Candela series. These enhanced products will address critical needs in the market, to help provide protection and address challenges in a variety of large indoor open spaces. Edwards is a part of Carrier Global Corporation, a global pioneer in intelligent climate and energy solutions. Genesis LED High Candela series The all-new Genesis LED High Candela series is exemplary of Edwards’ commitment to leading with cutting-edge technology that pushes the envelope in the life safety market. For site managers, Genesis LED provides strong and reliable notification while also providing cost and energy-saving benefits. Key elements include: Speakers that exceed the ‘Excellent’ Speech Transmission Index (STI) levels. Best-in-class ultra-low current draw (53mA at 185cd), reducing runs, and constant draw across candela output settings. Requires fewer strobes, translating to a lower TCO due to longer circuit runs using thinner wire gauges and fewer booster power supplies. Backward compatible with legacy appliances. Reduced costs for both new installations and retrofits. LED High Candela strobe technology These strobes are UL 1971-listed for use indoors as wall or ceiling public-mode notification appliances This new high-performance LED High Candela strobe technology combines enhanced product performance, energy efficiencies, and cost savings thanks to an ultra-low device current consumption that requires fewer strobes to complete full coverage. These strobes are UL 1971-listed for use indoors as wall or ceiling public-mode notification appliances for the hearing impaired.  higher light output This new Genesis LED High Candela low current draw is unparalleled in the industry at 53mA and generates a higher light output ideal for large open area applications with bright light strobes going up to 185cd. It's one current draw for multiple candela settings allows the appliance to be flexible for initial light coverage calculations as well as future changes in light output needs.  easy to install "Edwards devices are designed to be seamless, highly efficient, and easy to install. It's crucial to not only meet code requirements but to exceed industry standards and improve overall safety and reliability," said Jon Hughes, VP of Product Management. He adds, "These enhancements to the Genesis LED Series emphasize Edwards’ commitment to innovation in a competitive marketplace." Genesis LED Series Early in 2025, Edwards will launch another expansion of the Genesis LED Series: Genesis LED Low-Frequency Horn Strobes.  These appliances will address low-frequency audio requirements such as those suitable for occupants in sleeping environments and other applications requiring low-frequency audible tones. Genesis LED High Candela will be available in Q4 2024.

Carrier Global Corporation, a global pioneer in intelligent climate and energy solutions, entered into a definitive agreement to sell its Commercial and Residential Fire business to an affiliate of Lone Star Funds for an enterprise value of $3 billion. "The sale of our Commercial and Residential Fire business marks a defining step in our planned business exits critical to our transformational journey to becoming a focused, agile, higher-growth, pure-play company dedicated to creating a more sustainable world for generations to come," said Carrier Chairman & CEO David Gitlin. Carrier's portfolio transformation Commercial Refrigeration sale is on track to close around the end of the third quarter David Gitlin added: "I am so proud of what our deal and business teams have accomplished. We now have executed deals on all our divestitures, all signed within about a year of announcement, with a combined value of over $10 billion, representing a mid-teens EBITDA multiple in aggregate. This reflects tremendous dedication by so many, and I could not be more appreciative of our team's tireless efforts and great work." The sale announced marks a critical milestone in Carrier's portfolio transformation, following the acquisition of Viessmann Climate Solutions in January and the successful divestitures of its Industrial Fire and Global Access Solutions businesses. The Commercial Refrigeration sale is on track to close around the end of the third quarter. Closing of the Commercial and Residential Fire business is expected by the end of 2024, subject to regulatory approvals and customary closing conditions. Acquisition of Viessmann Climate Solutions Following the acquisition of Viessmann Climate Solutions, Carrier has reduced its net debt by over $5 billion through the repayment of outstanding term loans and notes, including last week's successful tender for additional outstanding debt. As a result of significant de-leveraging this year, and consistent with prior messaging, Carrier expects to redeploy the estimated $2.2 billion in net proceeds from the transaction towards share repurchases. Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC are serving as financial advisors to Carrier. Paul, Weiss, Rifkind, Wharton & Garrison LLP, and Linklaters LLP are providing external legal counsel.