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Carrier completes sale of Chubb

USA: Carrier has completed the $3.1bn sale of its Chubb fire and security business to APi Group Corporation. 

In announcing completion of the sale, which was first announced in July, Carrier says it will enable it to “focus on its core businesses and to re-allocate the net proceeds consistent with its stated capital allocation priorities, including funding organic and inorganic growth”. 

Carrier’s global fire and security products business is not included in the transaction.

“The sale of Chubb enhances the growth, margin and free cash flow profile of Carrier. We will continue to drive growth in our core business and play offense on capital deployment, including evaluating inorganic opportunities to complement our existing portfolio, share repurchase and the 25% increase in our dividend announced in December 2021,” said Carrier chairman and CEO Dave Gitlin.

Related stories:

Carrier sells Chubb security business28 July 2021
USA: Carrier Global has agreed to sell its Chubb fire and security business to US safety and industrial services company APi Group for $3.1bn. Read more…

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