Intelligent climate and energy solutions provider Carrier Global (NYSE: CARR) has entered into a definitive agreement with technology company Honeywell (NASDAQ: HON) to sell its Global Access Solutions business for $4.95 billion.
Carrier said Friday that the sale, which is set to close before the end of the third quarter of 2024, forms part of its portfolio transformation, which, according to Chairman and CEO David Gitlin, will eventually include the exit of the company’s commercial refrigeration, industrial fire and residential and commercial fire cabinet businesses.
Gitlin went on to say that the process “will accelerate our growth strategy and focus, positioning Carrier to deliver higher growth and superior shareholder value and further reinforcing our track record of performing while transforming.”
The Global Access Solutions business is a provider of advanced access and security solutions. It includes the Onity, Supra and LenelS2 brands. Its roughly 1,200 employees operate across 33 countries.