About Carrier Global

Carrier Global Corporation is a global leader in intelligent climate and energy solutions with a focus on providing differentiated, digitally-enabled lifecycle solutions to the company’s customers. The company’s portfolio includes industry-leading brands, such as Carrier, Toshiba, Automated Logic, Carrier Transicold, Kidde, Edwards and LenelS2 that offer heating, ventilating and air conditioning (‘HVAC’), refrigeration, fire, security and building automation technologies to help make the world safer and more comfortable. The company also provides a broad array of related building services, including audit, design, installation, system integration, repair, maintenance and monitoring. The company sells its products and services through certain key distributor, joint venture and similar relationships, including the Carrier Enterprise joint ventures with Watsco, Inc.; AHI-Carrier FZC, a United Arab Emirates-based joint venture; and various joint ventures with members of the Midea Group. Business Segments The company globally manages its business operations through three segments: HVAC, Refrigeration and Fire & Security. Each respective segment's major products, services and distribution methods are as follows: The HVAC segment provides products, controls, services and solutions to meet the heating, cooling and ventilation needs of residential and commercial customers while enhancing building performance, health, energy efficiency and sustainability. The company’s established brands include Carrier, Toshiba, Automated Logic, Bryant, CIAT, Day & Night, Heil, NORESCO and Riello, which offer a complete portfolio of products that provide numerous solutions for the company’s customers. Products include air conditioners, heating systems, heat pumps, controls and aftermarket components, as well as aftermarket repair and maintenance services and building automation systems. Some of these products are part of the company’s Healthy Buildings Program, which offers a suite of targeted solutions that are focused on improving and optimizing indoor air quality in buildings and homes to enhance human health, safety and productivity. Products and solutions are sold directly to building contractors and owners and indirectly through joint ventures, independent sales representatives, distributors, wholesalers, dealers, and retail outlets. The Refrigeration segment provides a healthier, safer, more sustainable and more intelligent cold chain through the reliable transport and preservation of food, medicine and other perishable cargo. Products and services are sold under established brand names, including Carrier Commercial Refrigeration, Carrier Transicold and Sensitech. The company’s refrigeration and monitoring products, services and digital solutions, which form the company’s Connected Cold Chain offering, strengthen the connected cold chain and are designed for trucks, trailers, shipping containers, intermodal applications, food retail and warehouse cooling. Commercial refrigeration solutions include refrigerated cabinets, freezers, systems and controls, which incorporate next-generation technologies to preserve freshness, ensure safety and enhance the appearance of food and beverages sold by retailers. Products and services are sold directly to transportation companies and retail stores and indirectly through joint ventures, independent sales representatives, distributors, wholesalers, and dealers. The Fire & Security segment provides a wide range of residential, commercial and industrial technologies designed to help protect people and property. The company’s established brands include Kidde, Edwards, GST, LenelS2, Marioff, Autronica, Aritech, Det-Tronics, Onity, Supra and Fireye, which provide product and technology innovations that are supported by installation, maintenance and monitoring through a network of channel partners and the company’s own field service business, along with web-based and mobile applications and cloud-based services. Products include fire, flame, gas, smoke and carbon monoxide detection, portable fire extinguishers, fire suppression systems, intruder alarms, access control systems and video management systems and electronic controls. Other fire and security service offerings include audit, design, installation and system integration, as well as aftermarket maintenance and repair and monitoring services. The company’s fire and security products and solutions, also part of the company’s Healthy Homes and Healthy Buildings Programs, are sold directly to end customers, as well as through manufacturers’ representatives, distributors, dealers, value-added resellers, and retail distribution. Planned Portfolio Transformation On April 25, 2023, the company entered into a Share Purchase Agreement (the ‘Agreement’) to acquire the climate solutions business (the ‘VCS Business’) of Viessmann Group GmbH & Co. KG (‘Viessmann’), a privately-held company. The VCS Business develops intelligent, integrated and sustainable technologies, including heat pumps, boilers, photovoltaic systems, home battery storage and digital solutions, primarily for residential customers in Europe. The acquisition was completed on January 2, 2024. On April 25, 2023, the company announced plans to exit the company’s Fire & Security and Commercial Refrigeration businesses over the course of 2024. On December 7, 2023, the company entered into a stock purchase agreement to sell the company’s Fire & Security Access Solutions business to Honeywell International Inc. On December 12, 2023, the company entered into a stock purchase agreement to sell the company’s Commercial Refrigeration business (‘CCR’) to Haier Group Corporation. Both transactions are expected to close in 2024 and are subject to customary closing conditions. Business Strategy The company’s business strategy is to be a global leader in intelligent climate and energy solutions with a focus on providing differentiated, digitally-enabled lifecycle solutions to the company’s customers. The company’s strategy is supported by a variety of favorable secular trends, including health and wellness, sustainability, digitalization, decarbonization, energy transition and a growing middle class. In order to execute the company’s business strategy, the company is focused on three pillars of growth: Strengthen and Grow the company’s Core; Increase Product Extensions and Geographic Coverage; and Grow Aftermarket, Digital and Customer-Back Solutions. Intellectual Property The company holds approximately 14,000 active patents and pending patent applications worldwide. Joint Ventures and Strategic Relationships The company’s joint ventures and strategic relationships are an important part of the company’s business. The company holds direct ownership interests in approximately 47 joint ventures. These relationships engage in distribution, manufacturing and product development activities; and are integral to the company’s business operations and growth strategy. Seasonality Demand for certain of the company’s products and services is seasonal. For instance, sales and services of the company’s HVAC products to residential customers have historically been higher in the second and third quarters of the calendar year (year ended December 2023), which represent the peak seasons for air conditioning-related sales in North America markets. Research and Development The company conducts research and development activities with a focus on new product development and technology innovation. These costs are charged to expense as incurred. For the year ended December 31, 2023, these costs amounted to $617 million. History Carrier Global Corporation was incorporated in Delaware in 2019.