Independence day for Carrier
3rd April 2020
USA: Air conditioning an refrigeration equipment manufacturer Carrier is once again an independent company after successfully completing its separation today from United Technologies (UTC).
Established in 1915, Carrier was acquired by UTC in 1979. A $18.5bn company, it has around 53,000 employees serving customers in 170 countries on six continents.
A leading provider of innovative heating, ventilating and air conditioning (HVAC), refrigeration, and fire and security technologies, Carrier Global Corporation now becomes an independent publicly traded company on the New York Stock Exchange.
“Against the backdrop of unprecedented global uncertainty, Carrier and its employees remain focused and continue to solve critical challenges – from improving indoor air quality, protecting the world’s food and pharmaceutical supply and keeping people safe and secure,” said Carrier president & CEO Dave Gitlin. “I am honoured to lead this fantastic company and now, more than ever, I am incredibly proud of the perseverance and resiliency of our talented workforce,” he added.
The spin off was first announced in 2018, following UTC’s purchase of aerospace company Rockwell Collins – making UTC an industry-leading aerospace systems supplier. As a result, UTC announced its intention to separate into three independent companies by spinning off its Carrier and Otis elevator businesses.
As an independent company, Carrier says it will have greater focus and enhanced agility based on its own distinct operating priorities and strategies for long-term growth and profitability, including strengthening and growing its core businesses, extending its product range and geographical coverage, and expanding service and digital offerings.
Related stories:
UTC board approves Carrier spin-off – 11 March 2020
USA: The board of United Technologies Corp (UTC) has approved the previously announced separations of Carrier and Otis, and plans to complete the spin-off on April 3. Read more…
Carrier reveals plans for April spin-off – 10 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. Read more…
Carrier spin off plans “substantially complete” – 29 January 2020
USA: United Technologies’ (UTC) plans to spin off its Carrier air conditioning and refrigeration subsidiary are “substantially complete” and expected to happen early in the second quarter of 2020. Read more…
Faraci to head Carrier board, post spin-off – 11 December 2019
USA: John Faraci, a United Technologies director since 2005, will serve as executive chairman of air conditioning and refrigeration equipment manufacturer Carrier following the company’s planned spin off next year. Read more…
Gitlin appointed Carrier president and CEO – 10 June 2019
USA: United Technologies (UTC) has appointed David L Gitlin as president and CEO of its Carrier air conditioning and refrigeration business in advance of its planned spin off next year. Read more…
UTC to spin off Carrier business – 27 November 2018
USA: Air conditioning and refrigeration equipment manufacturer Carrier is to become a separate independent company after parent United Technologies (UTC) announced its spin off yesterday. Read more…
