Carrier Global Corp (CARR.N) announced on Tuesday that it would purchase Viessmann Group’s heating boiler and heat pump arm for 12 billion euros ($13.17 billion) in cash and equity.
Carrier’s goal to leverage Europe’s growing energy transformation and provide access to sustainable technology and services is expected to improve with the purchase.
The Florida-based corporation is negotiating with consultants to spin off its fire and security division.
The company aims to leave fire, security, and commercial refrigeration in 2024.
Carrier’s board would include Viessmann CEO Max Viessmann. Both firms’ boards authorized the merger, which should conclude by 2023.
The business expects the purchase to slightly reduce adjusted profit in 2024 and increase earnings in 2025.
Reuters reported the agreement this week.
Carrier’s first-quarter earnings, excluding adjustments, fell 2%. After-hours trading dropped 3.4%.
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