The company sold its security unit to Honeywell (NASDAQ:HON) last year while buying German industrial firm Viessmann’s air conditioning division.
“This transaction marks another milestone in our transformation…and furthers our vision to become the global leader in intelligent climate and energy solutions,” Carrier’s CEO David Gitlin said in a statement on Tuesday.
The Industrial Fire segment makes detection and suppression solutions for high-hazard applications for use in critical infrastructure, oil and gas, marine and clean energy industries. Last month, the company said it planned to exit its combined residential and commercial fire businesses.
Carrier intends to use the net sale proceeds of more than $1.1 billion to pay down debt.
The deal is expected to close in the third quarter.
The company in February reported fourth-quarter profit above analysts’ estimates, driven by robust demand for its heating, ventilating and air conditioning (HVAC) products.
Source: Economy - investing.com
