Carrier to sell security business to Honeywell for $4.95b
James Thorpe
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Carrier Global Corporation has entered into a definitive agreement to sell its security business, Global Access Solutions, to Honeywell for $4.95b.
The Global Access Solutions business includes LenelS2, Supra and Onity.
Global Access Solutions
According to an announcement, the agreement is a major step as Carrier looks to transform its portfolio.
Carrier’s Global Access Solutions business currently employs approximately 1,200 staff that operate across 33 countries.
Providing advanced access solutions and electronic locking systems as well as contactless mobile key solutions, this sale is expected to help further strengthen the brands.
The announcement goes on to say that Carrier will use the $4b’s worth of proceeds to pay down debt.
“Further reinforcing our track record”
“Global Access Solutions is a great business with dedicated, customer-focused teams and we look forward to watching its continued growth under the ownership of Honeywell,” said David Gitlin, Chairman & CEO, Carrier.
“The transaction, together with the planned exits of our industrial fire, residential and commercial fire and commercial refrigeration cabinet businesses, 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.”
“A natural fit”
“Honeywell’s strong track record delivering building automation products and services makes this a natural fit that will create a leading security platform with forecasted annual revenue in excess of $1 billion,” said Vimal Kapur, Chief Executive Officer, Honeywell.
“By leveraging the capabilities of the combined company’s advanced security and safety systems, customers will be able to maximise their performance, efficiency and cost-effectiveness and create long term, sustainable value.”
The sale of Carrier‘s security business to Honeywell is subject to regulatory approvals and customary closing conditions.
