(Reuters) – Building heating and cooling systems provider Carrier Global Corp said on Tuesday it would buy German industrial firm Viessmann’s air conditioning division in a 12 billion euros cash-and-stock ($13.17 billion) deal.
The deal is part of a broader overhaul at the Florida-based company, which has been working with advisors to spin off its fire and security business.
The company said it plans to exit its fire and security and commercial refrigeration business over the course of 2024.
The acquisition is expected to drive Carrier’s plans to expand across different geographies and boost revenue from aftermarket services.
($1 = 0.9114 euros)
(Reporting by Anandita Mehrotra and Aditya Samal in Bengaluru; Editing by Arun Koyyur)
