The sale 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.

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.