Carrier Announces Agreement to Sell Riello to Ariston Group

Rhea-AI Summary

Carrier (NYSE: CARR) entered a definitive agreement to sell its Riello business to Ariston Group for gross proceeds of approximately $430 million. Carrier intends to use net proceeds for general corporate purposes, including share repurchases. The transaction is expected to close in the first half of 2026, subject to customary closing conditions, regulatory approvals and works council consultations. Ariston Group reported €2.6 billion revenue in 2024 and will integrate Riello into its heating and water comfort portfolio.

Positive

• Gross proceeds of approximately $430 million
• Proceeds allocated for share repurchases and corporate purposes
• Expected close in first half of 2026
• Buyer Ariston reported €2.6 billion revenue in 2024

Negative

• Transaction subject to regulatory approvals and works council consultations

Key Figures

Expected gross proceeds $430 million Sale of Riello business to Ariston Group

Use of proceeds General corporate purposes, share repurchases Stated capital allocation priorities

Expected closing window First half of 2026 Anticipated closing of Riello transaction

Ariston revenues 2.6 billion euros Ariston Group 2024 revenues

Ariston employees Over 10,000 Global workforce size in 2024

Country presence 40 countries Ariston direct presence across 5 continents

Production sites 29 sites Ariston production footprint

R&D centers 28 centers Ariston research and development locations

Market Reality Check

$53.44 Last Close

Volume Volume 6,834,092 is below the 20-day average of 8,599,976, suggesting limited pre-news positioning. normal

Technical Shares at $52.58 were trading below the 200-day MA of $64.55 and 35.16% under the 52-week high.

Peers on Argus

CARR was down 0.68% pre-release, while peers were mixed: JCI up 0.74%, TT down 0.15%, LII down 2.63%, CSL down 0.32%, BLDR down 2.6%. Mixed peer action and no momentum flags suggest this news is more company-specific than sector-driven.

Historical Context

Date	Event	Sentiment	Move	Catalyst
Dec 03	Dividend increase	Positive	+1.5%	Board raised quarterly dividend to $0.24 per share, signaling capital returns.
Nov 20	Conference appearance	Neutral	+4.1%	CEO participation at Goldman Sachs conference with live webcast for investors.
Nov 04	Operational recognition	Positive	-0.5%	DOE recognized Carrier heat pump training programs as Energy Skilled providers.
Oct 30	Conference appearance	Neutral	+1.1%	Leadership presented at Baird Global Industrial Conference with webcast access.
Oct 28	Quarterly earnings	Neutral	+0.8%	Q3 2025 results with $5.6B net sales, EPS detail, and buyback activity.

Pattern Detected

Recent news, including dividends, conferences, and earnings, has more often aligned with modest positive price reactions, with only one notable divergence on a positive operational recognition item.

Recent Company History

Over the last few months, Carrier has highlighted capital returns and operational updates. A quarterly dividend increase to $0.24 per share effective for payment on February 9, 2026 aligned with a positive price move. Multiple conference presentations in November 2025 also coincided with gains. Q3 2025 results showed $5.6B in net sales and meaningful share repurchases, with a new $5B authorization. The Riello divestiture announcement fits an ongoing capital-allocation and portfolio-focus narrative seen in these prior disclosures.

Market Pulse Summary

This announcement details Carrier’s agreement to sell its Riello business to Ariston Group, with expected gross proceeds of $430 million and an intended use of net proceeds for general corporate purposes, including share repurchases. It extends a pattern of disciplined capital allocation seen in prior dividend and buyback actions. Key factors to track include closing timing in the first half of 2026, satisfaction of regulatory approvals, and how the sale reshapes Carrier’s climate and energy-focused portfolio.

Key Terms

definitive agreement regulatory

"today announced that it has entered into a definitive agreement to sell its Riello"

A definitive agreement is a formal, legally binding document that outlines the final terms and conditions of a deal or transaction, such as a sale or partnership. It acts like a detailed contract that confirms all parties have agreed on the key details, making the deal official. For investors, it signals that the agreement is settled and moving toward completion, providing clarity and security about the transaction.

regulatory approvals regulatory

"subject to customary closing conditions, including regulatory approvals and works council"

Regulatory approvals are official permissions from government agencies that a company needs before launching a new product, service, or business activity. They matter because without this approval, the company might not be allowed to operate legally or sell its products, similar to how a driver needs a license to legally drive a car.

forward-looking statements regulatory

"constitute "forward-looking statements" under the securities laws."

Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.

AI-generated analysis. Not financial advice.

PALM BEACH GARDENS, Fla., Dec. 16, 2025 /PRNewswire/ -- Carrier Global Corporation (NYSE: CARR), global leader in intelligent climate and energy solutions, today announced that it has entered into a definitive agreement to sell its Riello business to Ariston Group.

"After completing a comprehensive and competitive bidding process, we determined that Ariston Group is the right owner to guide Riello's next phase of growth," said Carrier Chairman & CEO David Gitlin. "Riello has a proud legacy and talented teams, and this agreement reflects our disciplined portfolio management as we continue sharpening our focus on differentiated climate and energy solutions. I am deeply appreciative of our teams' exceptional work throughout this process." 

"We are honored to welcome Riello into our organization," said Paolo Merloni, Executive Chairman of Ariston Group. "Riello's respected brands, technical expertise and strong positions in its core markets make it highly complementary to Ariston Group. We are committed to building on Riello's legacy and together, creating meaningful value for all stakeholders."

Carrier expects gross proceeds from the transaction of approximately $430 million and intends to use the net proceeds for general corporate purposes, including share repurchases, consistent with its capital allocation priorities. 

The transaction is expected to close during the first half of 2026, subject to customary closing conditions, including regulatory approvals and works council consultation processes. 

BofA Securities is acting as exclusive financial advisor to Carrier, and Linklaters LLP is acting 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 www.corporate.carrier.com or follow Carrier on social media at @Carrier. 

Carrier. For the World We Share. 

About Ariston Group
Ariston Group (Bloomberg: ARIS IM) is a global leader in sustainable climate and water comfort, listed on Euronext Milan. In 2024 the group reported 2.6 billion-euro revenues, with over 10,000 employees, direct presence in 40 countries in 5 continents, 29 production sites and 28 research and development centers. The group demonstrates its commitment to sustainability through renewable and high-efficiency solutions, including heating heat pumps, water heating heat pumps, hybrids, domestic ventilation, air handling, electric components and solar thermal systems, while continuously investing in technological innovation, digitalization and advanced connectivity solutions. The group operates under global strategic brands Ariston, Elco and Wolf, and brands such as Calorex, NTI, HTP, Atag, Brink, Chromagen, Racold, as well as Thermowatt and Ecoflam in the components and burners business.

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 Riello 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.

CARR-IR

Contact:	Media Inquiries
	Rob Six
	561-281-2362
	Robert.Six@Carrier.com
	Investor Relations
	Michael Rednor
	561-365-2020
	InvestorRelations@Carrier.com

 

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SOURCE Carrier Global Corporation

FAQ

What price did Carrier agree to sell Riello for and how much will Carrier receive (CARR)?

Carrier expects gross proceeds of approximately $430 million from the sale of Riello.

When is the Carrier (CARR) sale of Riello expected to close?

The transaction is expected to close during the first half of 2026, subject to customary conditions.

How does Carrier (CARR) plan to use the proceeds from the Riello sale?

Carrier intends to use net proceeds for general corporate purposes, including share repurchases.

Who is buying Riello from Carrier (CARR) and what is the buyer's scale?

Ariston Group (Bloomberg: ARIS IM) is the buyer; it reported €2.6 billion revenue in 2024 with global operations.

What conditions could delay the Carrier (CARR) and Ariston Riello transaction?

Closing is subject to regulatory approvals and works council consultation processes that could affect timing.

Will the Riello sale affect Carrier's (CARR) shareholder actions?

Carrier stated proceeds may be used for share repurchases, consistent with its capital allocation priorities.