News
Carrier outlines plan to exit fire and security business in 2024

Carrier has announced its intentions to exit its fire and security businesses, as well as commercial refrigeration, over the course of 2024.

Carrier was spun off from United Technologies Corp. in 2020, as was UTC’s Otis elevator business.

“Carrier’s 2020 spin-off from United Technologies made it a nimbler, more focused, higher growth company,” said the company in a press release. “The exits of Fire & Security and Commercial Refrigeration will bring greater focus to Carrier’s strategy and portfolio, while benefitting these businesses’ customers and employees.”

The planned exits do not include UTEC, Fire & Security’s controls business for residential HVAC customers, added the company.

Carrier’s broader strategy is to become a pure-play intelligent climate and energy solutions business. To that effect, it also announced the acquisition of Viessmann Climate Solutions for €12 billion in a cash and stock transaction.

“While Fire & Security and Commercial Refrigeration are great businesses with incredible, customer-focused teams, the planned exits sharpen the strategic focus Carrier has gained through its 2020 spin-off from United Technologies,” said Carrier Chairman and CEO David Gitlin in a statement. “With Viessmann Climate Solutions, we are positioning ourselves to be the global climate solutions champion, poised to deliver higher growth and superior shareowner value.”