Carrier Global To Sell Industrial Fire Business To Sentinel Capital Partners

(RTTNews) - Carrier Global Corporation (CARR) entered into a definitive agreement to sell its Industrial Fire business to Sentinel Capital Partners for an enterprise value of $1.425 billion. The company expects net proceeds from the transaction to exceed $1.1 billion and plans to use the proceeds to pay down debt. Closing is anticipated in the third quarter of 2024.

Carrier CEO David Gitlin said: "This transaction marks another milestone in our transformation as we become a more focused, higher growth company, and furthers our vision to become the global leader in intelligent climate and energy solutions."

Carrier noted that it continues to prepare for the last of four announced business exits - its combined commercial and residential fire businesses.