Smart home appliance provider Haier Smart Home acquired Carrier Global’s wholly-owned subsidiary, Carrier Commercial Refrigeration in a deal valued at $640 million, on Wednesday.
Haier said it will purchase 100% of the equity interests and assets in Carolin Holdings B.V. Carrier to acquire Carrier’s commercial refrigeration business.
The company also said its objective through the deal is to expand its business from home refrigeration to commercial refrigeration applications including food retail and cold storage, creating additional growth levers for the company.
Through the deal, Carrier can accelerate its business development and enhance its competitiveness by leveraging on the resources of Haier Smart Home in Europe, said the subsidiary of Haier Group.
The deal is expected to close in the second half of 2024, and is subject to regulatory approvals and customary closing conditions, said the firm.
“Following our decision to exit the commercial refrigeration business and a robust competitive process, we identified Haier Smart Home as the right fit to grow the business moving forward, building upon our successful 22-year refrigeration partnership with them,” said David Gitlin, CEO of Carrier.
He added, “Following completion of our planned transactions, we will be a more focused, higher growth business, operating in attractive global market segments and benefiting from long-term secular tailwinds.”
Carrier Commercial Refrigerator owns a carbon dioxide refrigeration technology based on natural refrigerants, which is in line with the shift towards alternative refrigerant use and the increasing demand for sustainable development worldwide.
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