Carrier Group buying German heat pump maker for $12 billion

Carrier Global is buying German heat pump maker Viessmann Climate Solutions for about $12 billion in cash and stock, the Florida-based company said Tuesday.

Viessmann is an “iconic, premium brand in the highest growth segment of the global heat pump and energy transition markets,” Carrier said in a statement.

Carrier Chairman and CEO David Gitlin called the deal a “game-changing opportunity” for Carrier, a leading U.S. maker of heating, ventilation and air conditioning equipment that was spun out of United Technologies three years ago.

Carrier plans to exit its Fire & Security and Commercial Refrigeration cabinet businesses next year to focus on climate and energy.

Viessman Group “will remain committed as a significant, long-term shareowner of Carrier” following the deal’s completion, said Max Viessmann, CEO of the century-old private German company.

Viessmann will join the Carrier board of directors when the deal closes around year-end. The transaction is subject to regulatory and other approvals.

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