Carrier sheds Industrial Fire business for $1.4B price cut
Carrier Global Corporation, the intelligent climate and energy solutions outfit, is finalizing an agreement to sell its Industrial Fire business, which includes industry-leading brands Det-Tronics, Marioff, Autronica and Fireye, to Sentinel Capital Partners for an enterprise value of $1.425 billion.
The announcement represents the latest step in Carrier's ongoing portfolio transformation, following the recent acquisition of Viessmann Climate Solutions and the recently announced agreements to sell Carrier's Global Access Solutions business to Honeywell for nearly $5 billion and its Commercial Refrigeration business to Haier for $775 million. Carrier continues to prepare for the last of its four announced business exits – its combined commercial and residential fire businesses.
With approximately 1,400 employees operating in more than 20 countries, Carrier's Industrial Fire business is a global leader in fire detection and suppression solutions for high-hazard applications across verticals such as critical infrastructure, oil and gas, marine and clean energy. This pending sale will "allow the business to build on the strength of its advanced lifecycle solutions, strong customer relationships and high growth potential across key segments," Carrier stated in an initial press release last month.
"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 & CEO David Gitlin. "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."