Carrier Corp. to Sell its North America Bus Air-Conditioning Business
March 22, 2010
FARMINGTON, Conn., United States
Carrier Corp. has entered into an agreement to sell its bus air-conditioning business in the United States and Canada to Mobile Climate Control, a leading global provider of climate control solutions to the commercial vehicle industry. Mobile Climate Control is a subsidiary of Ratos AB, a Sweden-based financial investment company. Carrier, a unit of United Technologies Corp. (NYSE: UTX), is the world’s leader in high technology heating, air-conditioning and refrigeration solutions, improving the world around us through engineered innovation and environmental stewardship.
Carrier’s North America bus air-conditioning business, headquartered in York, Pa., had sales of approximately $60 million in 2010 and approximately 50 employees. It serves transit, inter-city, and school bus customers in the U.S. and Canada with a full line of rooftop, rear-mount and split system bus air-conditioning systems. After the transaction closes, production will transition to Mobile Climate Control from Carrier’s manufacturing facility in Athens, Ga.
“We’re pleased that this combination with a leading supplier to the commercial vehicle industry will enhance the growth potential of this North American bus air-conditioning business,” said Geraud Darnis, president, Carrier Corp. “The transaction is a continuation of our strategy to increase focus on our core growth platforms.”
Last year, Carrier had sold its Sütrak bus air-conditioning business that had operations outside of the United States and Canada. The current transaction is expected to close in 30 days, subject to customary closing conditions.
About Carrier Corp.
Carrier Corp. is the world’s leader in high technology heating, air-conditioning and refrigeration solutions. Carrier experts provide sustainable solutions, integrating energy efficient products, building controls, and energy services for residential, commercial, retail, transport and foodservice customers. Founded by the inventor of modern air conditioning, Carrier improves the world around us through engineered innovation and environmental stewardship. Carrier is a unit of United Technologies Corp., a leading provider to the aerospace and building systems industries worldwide. Visit www.carrier.com for more information.