Spin-off complete from United Technologies Corp.
PALM BEACH GARDENS, Florida,
April 3, 2020 /PRNewswire/
-- Carrier Global Corporation (NYSE: CARR) today debuted as an
independent, publicly traded company after successfully completing
its separation from United Technologies. Shares of Carrier, a
global leader in creating building and refrigeration solutions that
matter for people and our planet, will begin "regular-way" trading
on the New York Stock Exchange (NYSE) today at market open under
the symbol "CARR."
A leading provider of innovative heating, ventilating and air
conditioning (HVAC), refrigeration, and fire & security
technologies, Carrier's products and services are essential for
modern life, particularly in today's global environment. The
company has an extensive global footprint with approximately 53,000
employees, offering solutions in more than 160 countries. Carrier
has leading positions in critical segments, including North
American residential HVAC, commercial HVAC equipment in major
markets, global fire detection and suppression, global access
controls for security systems, and refrigerated equipment for the
North American and European truck trailer and container
businesses.
"Against the backdrop of unprecedented global uncertainty,
Carrier and its employees remain focused and continue to solve
critical challenges – from improving indoor air quality, protecting
the world's food and pharmaceutical supply and keeping people safe
and secure. I am honored to lead this fantastic company and now,
more than ever, I am incredibly proud of the perseverance and
resiliency of our talented workforce," said Carrier President &
CEO Dave Gitlin. "For more than a
century, Carrier has been a symbol of excellence, and today, as a
standalone company, we have defined our own strategy, vision,
culture and priorities. We have an unmatched legacy and look
forward to delivering sustainable long-term growth to our
shareowners and other stakeholders."
Strategy
As an independent company, Carrier will have greater focus and
enhanced agility based on its own distinct operating priorities and
strategies for long-term growth and profitability, including
strengthening and growing its core businesses, extending its
product range and geographical coverage, and expanding service and
digital offerings. The company is well-positioned with strong
megatrends driving sustained industry growth, leading positions
with significant installed base, a disciplined operating system,
and an unwavering commitment to innovation.
Corporate Social Responsibility
Carrier will continue to contribute meaningfully to communities
around the world through employee volunteerism and environmentally
responsible operations, products and services. Carrier's recent
$3 million, three-year donation to
The Nature Conservancy will help cities better prepare for climate
change and support the development of online STEM education for
children around the world, and is a testament to Carrier's
commitment to environmental leadership.
"We are a world leader in providing energy-efficient solutions
for buildings around the world. We are deeply committed to driving
a leadership position in sustainable solutions for the planet and
for future generations. Strengthening our global community makes us
a stronger company, creating shared value for our business and
society," said Gitlin. "As a standalone company, we have the
ability to leverage our legacy of industry leadership and
sustainability to address the challenges of today and tomorrow
while executing our vision and growth strategy."
Learn more about the new Carrier at
www.Corporate.Carrier.com.
About Carrier
Carrier Global Corporation is a leading global provider of
innovative heating, ventilating and air conditioning (HVAC),
refrigeration, fire, security and building automation technologies.
Supported by the iconic Carrier name, the company is committed to
making the world safer and more comfortable for generations to come
through its industry-leading brands such as Carrier, Kidde,
Edwards, LenelS2 and Automated Logic. For more information,
visit www.Corporate.Carrier.com or follow us on social
media at @Carrier.
Cautionary Statement. This communication contains
statements which, to the extent they are not statements of
historical or present fact, constitute "forward-looking statements"
under the securities laws. From time to time, oral or written
forward-looking statements may also be included in other
information released to the public. These forward-looking
statements are intended to provide management's current
expectations or plans for Carrier's future operating and financial
performance, based on assumptions currently believed to be valid.
Forward-looking statements can be identified by the use of words
such as "believe," "expect," "expectations," "plans," "strategy,"
"prospects," "estimate," "project," "target," "anticipate," "will,"
"should," "see," "guidance," "outlook," "confident" and other words
of similar meaning in connection with a discussion of future
operating or financial performance or the separation from United
Technologies. Forward-looking statements may include, among other
things, statements relating to future sales, earnings, cash flow,
results of operations, uses of cash, share repurchases, tax rates
and other measures of financial performance or potential future
plans, strategies or transactions of Carrier following the
separation, including the estimated costs associated with the
separation and other statements that are not historical facts. All
forward-looking statements involve risks, uncertainties and other
factors that may cause actual results to differ materially from
those expressed or implied in the forward-looking statements. For
those statements, Carrier claims the protection of the safe harbor
for forward-looking statements contained in the U.S. Private
Securities Litigation Reform Act of 1995. Such risks, uncertainties
and other factors include, without limitation: (1) the effect of
economic conditions in the industries and markets in which Carrier
and its businesses operate in the U.S. and globally and any changes
therein, including financial market conditions, fluctuations in
commodity prices, interest rates and foreign currency exchange
rates, levels of end market demand in construction, the impact of
weather conditions, pandemic health issues (including the
coronavirus and its effects, among other things, on global supply,
demand, and distribution disruptions as the coronavirus outbreak
continues and results in an increasingly prolonged period of
travel, commercial and/or other similar restrictions and
limitations), natural disasters and the financial condition of
Carrier's customers and suppliers; (2) challenges in the
development, production, delivery, support, performance and
realization of the anticipated benefits of advanced technologies
and new products and services; (3) future levels of indebtedness,
including indebtedness incurred in connection with the separation,
and capital spending and research and development spending; (4)
future availability of credit and factors that may affect such
availability, including credit market conditions and Carrier's
capital structure; (5) the timing and scope of future repurchases
of Carrier common stock, which may be suspended at any time due to
various factors, including market conditions and the level of other
investing activities and uses of cash; (6) delays and disruption in
the delivery of materials and services from suppliers; (7) cost
reduction efforts and restructuring costs and savings and other
consequences thereof; (8) new business and investment
opportunities; (9) the anticipated benefits of moving away from
diversification and balance of operations across product lines,
regions and industries; (10) the outcome of legal proceedings,
investigations and other contingencies; (11) pension plan
assumptions and future contributions; (12) the impact of the
negotiation of collective bargaining agreements and labor disputes;
(13) the effect of changes in political conditions in the U.S. and
other countries in which Carrier and its businesses operate,
including the effect of changes in U.S. trade policies or the
United Kingdom's withdrawal from
the European Union, on general market conditions, global trade
policies and currency exchange rates in the near term and beyond;
(14) the effect of changes in tax, environmental, regulatory
(including among other things import/export) and other laws and
regulations in the U.S. and other countries in which Carrier and
its businesses operate; (15) the ability of Carrier to retain and
hire key personnel; (16) the scope, nature, impact or timing of
acquisition and divestiture activity, including among other things
integration of acquired businesses into existing businesses and
realization of synergies and opportunities for growth and
innovation and incurrence of related costs; (17) the expected
benefits of the separation; (18) a determination by the IRS and
other tax authorities that the distribution or certain related
transactions should be treated as taxable transactions; (19) risks
associated with indebtedness incurred as a result of financing
transactions undertaken in connection with the separation; (20) the
risk that dis-synergy costs, costs of restructuring transactions
and other costs incurred in connection with the separation will
exceed Carrier's estimates; and (21) the impact of the separation
on Carrier's business and Carrier's resources, systems, procedures
and controls, diversion of management's attention and the impact on
relationships with customers, suppliers, employees and other
business counterparties. The above list of factors is not
exhaustive or necessarily in order of importance. For additional
information on identifying factors that may cause actual results to
vary materially from those stated in forward-looking statements,
see Carrier's registration statement on Form 10 and the reports of
Carrier on Forms 10-K, 10-Q and 8-K filed with or furnished to the
SEC from time to time. Any forward-looking statement speaks only as
of the date on which it is made, and Carrier assumes no obligation
to update or revise such statement, whether as a result of new
information, future events or otherwise, except as required by
applicable law.
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