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FARMINGTON, Conn., United States
- Dec. 14, 2009
Carrier Corp. has signed a letter of intent to form a distribution venture, combining its company-operated residential and light commercial distribution in California with Russell Sigler, Inc., an independent distributor of Carrier, Bryant and Payne heating and air-conditioning (HVAC) products. Russell Sigler, Inc. shareholders will own 60 percent of the venture and Carrier 40 percent. Russell Sigler has been an independent Carrier distributor since 1950. Carrier Corp. is a unit of United Technologies Corp. (NYSE:UTX).
“Russell Sigler has been a loyal, high-performing Carrier distributor for 59 years. This venture presents an excellent opportunity to leverage the strengths of Russell Sigler for our California distribution to further grow share and profitability,” said Geraud Darnis, president of Carrier Corp. “This transaction marks another step on our business transformation journey to a simpler and more focused portfolio.”
The new venture, with pro-forma sales of approximately $360 million and 35 facilities, would include Carrier-operated residential and light commercial distribution in California and Russell Sigler distribution in nine western states that currently distribute Carrier, Bryant and Payne HVAC products.
“We are excited about forming this venture and are very pleased to partner with Carrier to further grow this business,” said Jack Sigler, president of Russell Sigler, Inc. “Combining the two contiguous distribution entities will help us simplify the business and create significant value for our customers.”
The transaction is expected to close within 90 days subject to negotiation and execution of definitive agreements, and receiving regulatory approvals.
About Carrier Corp.
Carrier Corp., headquartered in Farmington, Conn., is the world’s largest provider of heating, air-conditioning and refrigeration solutions with operations in more than 170 countries. Carrier is part of United Technologies Corp., a Hartford, Connecticut-based provider of products and services to the aerospace and building systems industries worldwide. Visit www.carrier.com for more information.
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