Haier Smart Home Co., Ltd. Has announced the successful completion of its acquisition of Carrier Commercial Refrigeration for an enterprise value of approximately $US775 million.
The technologies related to commercial refrigeration 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, Haier Smart Home said in a media statement.
"This acquisition further enriches Haier Smart Home's diverse product portfolio and signifies an enhanced strategic positioning in the global commercial refrigeration market," the statement said.
This acquisition follows the signing of definitive agreements on 12 December, 2023 and represents a significant step forward in Haier's global growth strategy.
Haier Smart Home chair & CEO, Li Huagang, welcomed the 4,000+ Carrier Commercial Refrigeration employees into the Haier family.
“This transaction not only broadens our product portfolio but also provides a unique opportunity to create a better and more sustainable solution provider from industrial & food retail refrigeration to cold storage,” he said.
“The well-known brands such as Carrier Commercial Refrigeration, Profroid, Celsior, and Green & Cool, along with their outstanding 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."
Carrier Commercial Refrigeration CEO, Marcus Eisenhuth, said joining Haier represents a fantastic opportunity for the business and team.
"Our team is astonished and touched by Haier's strong commitment and dedication to ensure a smooth business transition and obtaining all necessary approvals within the expected timeframe,” he said.
“During the joint process, we gained a better understanding of the unique Haier culture, the RenDanHeYi model, and the way Haier enables each individual. We look forward to the synergies this partnership will undoubtedly create."
The acquisition enables Haier to broaden its reach from home 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.
The sale, along with the completed divestitures of Industrial Fire and Global Access Solutions and the announced sale of Commercial and Residential Fire, enables Carrier to focus on its core businesses and demonstrates meaningful progress as the company nears the completion of its portfolio transformation.
Carrier Transicold transport refrigeration, Sensitech and the Lynx digital ecosystem are not included in the transaction and remain core to Carrier achieving its vision.
Carrier chair & CEO, David Gitlin, said the sale marks a significant step in the company’s portfolio transformation to further strengthen its global leadership position in intelligent climate and energy solutions.
“Three of four announced business exits are now complete and the sale of Commercial and Residential Fire is expected to close by the end of 2024,” he said.
“As previously communicated, the net proceeds of the transaction will be used to pay down debt.”