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Haier Smart Home Co., has successfully completed its acquisition of Carrier Commercial Refrigeration from Carrier Global for an enterprise value of approximately $775 million. The acquisition, finalized on October 1st, 2024, enhances Haier's strategic position in the global commercial refrigeration market and expands its product portfolio.
The deal brings in over 4,000 employees and well-known brands such as Carrier Commercial Refrigeration, Profroid, Celsior, and Green & Cool. It also includes technologies related to commercial refrigeration, including carbon dioxide technology, which will contribute to environmental improvements and promote green transformation.
This acquisition allows Haier to broaden its reach from home refrigeration to the commercial refrigeration market, enabling the company to offer comprehensive refrigeration solutions to a wider clientele in the industrial, food retail, and cold storage sectors.
Carrier Global (NYSE: CARR) has completed the sale of its commercial refrigeration business to Haier for an enterprise value of $775 million, including approximately $200 million of net pension liabilities. This sale, along with other completed and announced divestitures, is part of Carrier's portfolio transformation strategy to focus on its core businesses.
The transaction marks significant progress in Carrier's efforts to strengthen its global leadership position in intelligent climate and energy solutions. The net proceeds from the sale will be used to pay down debt. Carrier Transicold transport refrigeration, Sensitech, and the Lynx digital ecosystem were not included in the transaction and remain core to Carrier's vision.
BofA Securities acted as financial advisor to Carrier, while Paul, Weiss, Rifkind, Wharton & Garrison LLP and Linklaters LLP served as external legal counsel.
Haier Smart Home (HSHCY) has entered into an agreement to acquire Electrolux South Africa's water heater business for ZAR 2.45bn (approx. RMB 980m). The acquisition includes the century-old Kwikot brand, a leading water heater manufacturer in South Africa with a double-digit EBITDA margin. This strategic move aims to expand Haier's presence in the African market, leveraging Kwikot's established distribution channels and service network.
The deal is expected to create synergies in product and supply chain management, allowing Haier to expand Kwikot's product lineup and explore opportunities in solar water heaters and water purifiers. Additionally, Haier plans to accelerate its refrigerator and laundry businesses in the region. The transaction, subject to regulatory approvals, is anticipated to close in Q4 2024.
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Haier Smart Home has maintained its position as the world's leading home appliance brand for the 14th consecutive year, as reported by Euromonitor International. The company achieved top rankings in several categories, including refrigerators, washing machines, and wine coolers. Despite global economic challenges, Haier's strategic focus on customer needs and an innovative approach has resulted in growth: a 4.2% increase in Europe and 30% in Australia. The launch of the Haier Ecosystem Innovation Park aims to enhance operational efficiency through advanced technologies like IoT and big data.