Carrier: Announces Sale of Commercial Refrigeration Business to Haier for $775 Million

After the Dec. 13 market close, narrow-moat-rated Carrier Global announced it has agreed to sell its commercial refrigeration business to long-term joint venture partner Haier for a total enterprise value of $775 million, including Haier’s assumption of approximately $200 million of net pension liabilities. Carrier disclosed that the commercial refrigeration deal enterprise value equates to 16.5 times the business’ expected 2023 EBITDA. Carrier will retain its transportation refrigeration, Sensitech, and Lynx cold chain businesses.