Carrier Announces Agreement to Sell NORESCO to OPTERRA Energy Services
Rhea-AI Summary
Carrier Global (NYSE: CARR) announced it has signed a definitive agreement to sell its NORESCO energy-efficiency business to OPTERRA Energy Services, a subsidiary of LS Power. The transaction is expected to close shortly, subject to customary conditions.
According to Carrier, divesting NORESCO aligns with its strategy of portfolio simplification and focusing on growth and innovation in core climate and energy solutions businesses. Jefferies is acting as financial advisor, and Akerman is serving as external legal counsel to Carrier.
Positive
- Definitive agreement to sell NORESCO supports Carrier’s stated portfolio simplification strategy
- Focus on core businesses as Carrier aims to concentrate on growth and innovation in primary climate and energy solutions segments
Negative
- Loss of NORESCO operations as Carrier exits this energy-efficiency services business after the sale closes
News Market Reaction – CARR
In the Jul 27 session, CARR gained 0.65%, reflecting a mild positive market reaction. Argus tracked a trough of -5.4% from its starting point during tracking. Our momentum scanner triggered 27 alerts that day, indicating elevated trading interest and price volatility. Trading volume was above average at 2.0x the daily average, suggesting increased trading activity.
Data tracked by StockTitan Argus on the day of publication.
AI-generated analysis. How Rhea-AI works. Not financial advice.
"The sale of NORESCO represents Carrier's continued commitment to portfolio simplification, allowing us to remain laser-focused on growth and innovation within our core businesses," said Carrier Chairman & CEO David Gitlin. "I want to thank the NORESCO team for their dedication and contributions to Carrier. We are confident that with OPTERRA, NORESCO is exceptionally well-positioned to continue delivering energy-efficiency solutions and long-term sustainable value to its customers."
Jefferies LLC is serving as financial advisor to Carrier. Akerman LLP is serving as external legal counsel.
About Carrier
Carrier Global Corporation, global leader in intelligent climate and energy solutions, is committed to creating innovations that bring comfort, safety and sustainability to life. Through cutting-edge advancements in climate solutions such as temperature control, air quality and transportation, we improve lives, empower critical industries and ensure the safe transport of food, life-saving medicines and more. Since inventing modern air conditioning in 1902, we lead with purpose: enhancing the lives we live and the world we share. We continue to lead because of our world-class, inclusive workforce that puts the customer at the center of everything we do. For more information, visit carrier.com or follow Carrier on social media at @Carrier.
Carrier. For the World We Share.
Cautionary Statement
This communication contains statements which, to the extent they are not statements of historical or present fact, constitute "forward-looking statements" under the securities laws. These forward-looking statements are intended to provide management's current expectations or plans for Carrier's future operating and financial performance, based on assumptions currently believed to be valid. Forward-looking statements can be identified by the use of words such as "believe," "expect," "expectations," "plans," "strategy," "prospects," "estimate," "project," "target," "anticipate," "will," "should," "see," "guidance," "outlook," "confident," "scenario" and other words of similar meaning in connection with a discussion of future operating or financial performance. Forward-looking statements may include, among other things, statements relating to the sale of Carrier's NORESCO business, expected uses of the net proceeds therefrom, strategies or transactions of Carrier, Carrier's plans with respect to its indebtedness and other statements that are not historical facts. All forward-looking statements involve risks, uncertainties and other factors that may cause actual results to differ materially from those expressed or implied in the forward-looking statements. For additional information on identifying factors that may cause actual results to vary materially from those stated in forward-looking statements, see Carrier's reports on Forms 10-K, 10-Q and 8-K filed with or furnished to the U.S. Securities and Exchange Commission from time to time. Any forward-looking statement speaks only as of the date on which it is made, and Carrier assumes no obligation to update or revise such statement, whether as a result of new information, future events or otherwise, except as required by applicable law.
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SOURCE Carrier Global Corporation