Carrier reveals plans for April spin-off
10th February 2020
USA: Carrier plans to invest in its global sales force and product innovation, while making $600m reductions in supply chain costs when it separates from UTC in early April.
Speaking at its first investor and analyst meeting in New York today, Carrier president and CEO David Gitlin said that 2020 would be a year of focus with an expected mid-single-digit growth.
“Since Carrier’s founding, we’ve been leaders in inventing new solutions and entirely new industries, and now we will use that leadership to create value for our future shareholders,” said Gitlin. “We’re investing strategically and strengthening our market positions with a relentless focus on customers to drive growth. At Carrier, we have a strong foundation, and our best days are ahead.”
As well as looking to grow its service and digital offerings, Carrier is also looking to increase its penetration in the VRF air conditioning market. Although a small player in the VRF market, Carrier is looking for double digit organic growth in this sector over the next five years.
HVAC-commercial president Chris Nelson said that it saw regulatory changes and the demand for lower GWP refrigerants and greater efficiencies as an “outstanding opportunity” for the business.
Refrigeration
Carrier was a pioneer of CO2 refrigeration systems, installing its first system in a Swiss supermarket in 2004. Last year, Carrier celebrated the installation of its 10,000th CO2 system in Europe. David Appel, president of refrigeration, revealed that it would now be looking to extend this technology into refrigerated warehousing where he said it had “inherent design advantages” over current systems.
