International. Haier Smart Home announced the successful completion of its acquisition of Carrier Commercial Refrigeration for an enterprise value of approximately $775 million.
According to the buyer, the commercial refrigeration-related technologies that the company owns or is licensed to use, including carbon dioxide technology, will contribute to environmental improvements, promote green transformation in enterprises, and benefit society. This acquisition enriches Haier Smart Home's product portfolio and signifies an enhanced strategic positioning in the global commercial refrigeration market.
This acquisition follows the signing of the definitive agreements on December 12, 2023 and represents an important step forward in Haier's global growth strategy. The deal was successfully closed after obtaining all the necessary regulatory approvals and meeting a number of customary closing conditions, ensuring good coordination between all stakeholders and a smooth transition for the business.
"We are delighted to welcome more than 4,000 employees of Carrier Commercial Refrigeration to the Haier family," said Li Huagang, President and CEO of Haier Smart Home. "This transaction not only expands our product portfolio, but also provides a unique opportunity to create a better and more sustainable solution provider, from industrial and food retail refrigeration to cold storage. Renowned brands such as Carrier Commercial Refrigeration, Profroid, Celsior and Green & Cool, along with their excellent teams and key customers, will play a crucial role in our efforts to deliver more comprehensive and innovative product solutions to our increasingly diverse clientele."
"Joining Haier represents a fantastic opportunity for our company and our team," said Marcus Eisenhuth, CEO of Carrier Commercial Refrigeration. "Our team is surprised and moved by Haier's strong commitment and dedication to ensuring a smooth business transition and obtaining all necessary approvals within the expected timeframe. During the joint process, we gained a better understanding of Haier's unique culture, the RenDanHeYi model, and the way Haier helps each individual. We look forward to the synergies this partnership will undoubtedly create."
The acquisition enables Haier to expand its reach from domestic refrigeration to the commercial refrigeration market, enhancing its ability to offer comprehensive refrigeration solutions to a broader clientele in the industrial, food retail and cold storage sectors.
