Carrier Global Corporation has entered into a definitive agreement to sell its Carrier Commercial Refrigeration business to Chinese manufacturer Haier for $775m.
Carrier announced plans to exit its Commercial Refrigeration business, along with its Fire & Security interests, when it acquired German manufacturer Viessmann in April.
The deal with Haier, which includes approximately $200m of net pension liabilities, represents about 16.5x 2023 expected EBITDA.
Haier has valued its 100% equity acquisition at approximately $640m which, it says, represents 11x P/E.

Carrier Commercial Refrigeration has more than 4,000 global employees and a sales and service network spanning Europe and the Asia Pacific region. Its brands include Profroid, Celsior and Green & Cool. Carrier Transicold transport refrigeration, Sensitech and its Lynx digital cold chain platform are not included in the transaction.

The two companies have operated a joint venture business, Qingdao Haier-Carrier Refrigeration Equipment Co, since 2001. The JV is committed to providing advanced energy-saving systems, including CO2 refrigeration systems, for customers in the Asia Pacific region.