Haier Smart Home Co., Ltd. , a global leader in consumer electronics and home appliances, announced the successful completion of its acquisition of Carrier Commercial Refrigeration from Carrier Global Corporation for an enterprise value of approximately $775 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. This acquisition further enriches Haier Smart Home’s diverse product portfolio and signifies an enhanced strategic positioning in the global commercial refrigeration market.
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Carrier sells refrigeration business to Haier
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.
Liebherr commercial equipment
Find out more about Liebherr commercial appliances at global Liebherr Appliances YouTube channel, where you can find the latest videos from Liebherr professional appliances. For example, ou Ultra Low Temperature Freezer for the Scientific and Health sector. Follow this link, and you will directly come to the section for professional appliances: https://www.youtube.com/channel/UCoc3Z76Rxg_gkVMlReQ0GLg/playlists?view=50&sort=dd&shelf_id=4
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