Carrier Announces Agreement to Sell Fire Business to Lone Star

Carrier Global Corporation to Divest Commercial and Residential Fire Business

$900 Million Transaction Expected to Close in Fourth Quarter 2024

Palm Beach Gardens, Fla. - August 15, 2024 - Carrier Global Corporation (NYSE: CARR) today announced that it has entered into a definitive agreement to sell its commercial and residential fire business to an affiliate of Lone Star Funds for approximately$900 million. The transaction is expected to close in the fourth quarter of 2024, subject to customary closing conditions, including regulatory approvals.

The commercial and residential fire business, which generated approximately $1.2 billion in revenue in 2023, designs, manufactures, and services a broad range of fire protection and detection solutions for commercial, residential, and industrial applications. The business has a global presence, with manufacturing facilities in the United States, Europe, and Asia, and sales and service operations in more than 100 countries.

The sale of the commercial and residential fire business is part of Carrier's ongoing portfolio optimization strategy, which includes focusing on its core businesses of HVAC, refrigeration, and fire and security technologies.

"The sale of our commercial and residential fire business to Lone Star is a strategic move that will allow us to focus our resources on our core businesses and drive long-term growth," said David Gitlin, Chairman and CEO of Carrier. "We are confident that Lone Star will be a good owner for the fire business, and we wish the business and its employees all the best in the future."

Houlihan Lokey is serving as financial advisor to Carrier, and Wachtell, Lipton, Rosen & Katz is serving as legal counsel.