Carrier Global Corp. said it has entered into an agreement to sell its industrial fire business to Sentinel Capital Partners for an enterprise value of US$1.425 billion.
Carrier’s industrial fire business includes brands Det-Tronics, Marioff, Autronica and Fireye. The group employs approximately 1,400 people in more than 20 countries.
“Industrial Fire is a great business with leadership positions in the markets in which it operates, and an engaged, experienced team focused on delivering differentiated solutions to customers. We look forward to watching its continued growth under the ownership of Sentinel,” said Carrier chairman and CEO David Gitlin, in a statement. “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’s recent business transformation efforts include its acquisition of Viessmann Climate Solutions, as well as the sale of its global access solutions business to Honeywell for almost US$5 billion and its commercial refrigeration business to Haier. Carrier said it “continues to prepare for the last of four announced business exits” — the company’s combined commercial and residential fire businesses.
Closing of the industrial fire business sale is expected in the third quarter of 2024 and is subject to regulatory approvals and customary closing conditions.
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