The company is in talks with “a number of potential buyers” for the industrial side, Gitlin said. — Bloomberg
NEW YORK: Carrier Global Corp is eyeing the sale of its industrial fire alarm business as soon as the end of this quarter and plans to sell or spin off the residential alarm business as well, according to chief executive officer David Gitlin.
The Palm Beach Gardens, Florida-based company is in talks with “a number of potential buyers” for the industrial side, Gitlin said on Tuesday in an interview with Bloomberg Television.
The actions would represent a change in strategy from September, when Bloomberg News reported that Carrier was exploring public stock listings for the industrial and residential parts of its alarm unit, which includes carbon monoxide detection and other safety-related products and services.
It’s the latest effort to focus on its mainstay heating and cooling equipment businesses.
Carrier last month agreed to sell its security business to Honeywell International Inc for US$4.95bil and offload its commercial refrigeration unit to joint venture partner Haier.
And on Tuesday, it finalised a US$13bil purchase of Viessmann Climate Solutions to grow its heating and cooling operations in Europe.
Gitlin said the company aims to buy back at least US$2.5bil worth of stock once its leverage ratio returns to two times, and plans for annual growth of 6% to 8% going forward.
“The key is to do deals that are good for growth,” he said. — Bloomberg
