International. Carrier Global Corporation confirmed the definitive agreement to sell its global commercial refrigeration business to its joint venture partner Haier, for an enterprise value of $775 million, including approximately $200 million of net pension liabilities.
This represents approximately 16.5 times the expected EBITDA for 2023. This announcement follows last week's agreement to sell the Global Access Solutions business. The brand also assured that there are already definitive agreements to exit businesses that represent approximately half of the EBITDA that Carrier is divesting.
Carrier Commercial Refrigeration has more than 4000 employees worldwide and a sales and service network spanning Europe and the Asia Pacific region. Its brands include Profroid, Celsior and Green & Cool. However, the company clarified that the Carrier Transicold refrigeration transportation brand, Sensitech and its Lynx digital cold chain platform are not included in the transaction.
"Following our decision to exit the commercial refrigeration business and a strong competitive process, we identified Haier as the right choice to grow the business in the future, building on our successful 22-year refrigeration partnership with them," said Carrier President and CEO David Gitlin. "The execution of this definitive agreement demonstrates continued progress in transforming our portfolio, further positioning Carrier as a global leader in smart climate and energy solutions. Once our planned transactions are completed, we will be a more focused and higher growth company, operating in an attractive global market. "
"Carrier Commercial Refrigeration is a preeminent global enterprise with respected brands, leading technology, and an experienced workforce dedicated to providing the best solutions to customers around the world," said Li Huagang, President and CEO of Haier Smart Home. "The acquisition will help Haier Smart Home establish its commercial refrigeration platform, allowing the company to capture additional growth opportunities by expanding its presence into food retail refrigeration and cold storage."
