Carrier Global Corporation will acquire Viessmann Climate Solutions, the largest segment of the German HVAC&R manufacturer the Viessmann Group, in a cash and stock transaction valued at AUD$20 billion, subject to working capital and other adjustments.
“A privately held company with a 106-year legacy of innovation, Viessmann Climate Solutions provides Carrier with an iconic, premium brand in the highest growth segment of the global heat pump and energy transition markets,” Carrier says.
Carrier also announced plans to exit its Fire & Security and Commercial Refrigeration cabinet businesses.
“The acquisition of Viessmann Climate Solutions is a game-changing opportunity,” says Carrier Chair and CEO David Gitlin. “Climate change, sustainability requirements and geopolitical factors are driving an unprecedented energy transition in Europe. Accelerated by government regulations and incentives, the transition creates a significant, long-term growth opportunity.
“Viessmann Climate Solutions is uniquely positioned to capitalise on this opportunity with its premier brand, highly differentiated distribution channel and innovative product offerings. With 70 per cent of its business consisting of heat pumps and related accessories, solar PV, batteries and services, Viessmann Climate Solutions is a critical leader in Europe’s energy transition.
“We look forward to welcoming its 11,000 team members to the Carrier family and Max Viessmann, CEO of Viessmann, to the Carrier Board of Directors at closing, which is expected around the end of 2023.”