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.
The Chubb business, which is headquartered in the UK, was spun off from UTC last year as part of the Carrier portfolio.
Carrier says the sale will enable it to focus on its core businesses, enabling it to re-allocate proceeds to “higher strategic imperatives”.
The company stresses that its global fire and security products business is not part of the transaction and remains an important part of Carrier’s portfolio.
“Carrier continually assesses all aspects of our global portfolio to ensure alignment with our strategic business priorities and optimal value for our stakeholders,” commented Carrier chairman & CEO Dave Gitlin.
“This transaction drives greater focus for Carrier and allows us to re-allocate proceeds from the divestiture toward our higher strategic imperatives,” he added.