Technology solutions business, Honeywell, has acquired Carrier’s security business, Global Access Solutions, for $4.95 billion.
Aimed to strengthen its automation business, the acquisition includes both hardware and software solutions and brings with it around 1200 employees operating in 33 countries.
The acquisition adds three brands to Honeywell’s portfolio with a focus on life safety and digital access solutions, including:
Carrier Chairman and CEO David Gitlin said: “Global Access Solutions is a great business with dedicated, customer-focused teams, and we look forward to watching its continued growth under the ownership of Honeywell.
“The transaction, together with the planned exits of our Industrial Fire, Residential and Commercial Fire, and Commercial Refrigeration cabinet businesses, will accelerate our growth strategy and focus, positioning Carrier to deliver higher growth and superior shareholder value and further reinforcing our track record of performing while transforming.”
“Honeywell’s strong track record delivering building automation products and services makes this a natural fit that will create a leading security platform with forecasted annual revenue in excess of $1 billion,” said Vimal Kapur, Chief Executive Officer, Honeywell.
“By leveraging the capabilities of the combined company’s advanced security and safety systems, customers will be able to maximize their performance, efficiency and cost-effectiveness and create long-term, sustainable value.”
The transaction is expected to close by the end of the third quarter of 2024, according to Honeywell.
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