Now an independent company, HVAC giant Carrier plans to extend its product range, expand its geographical coverage and increase its service and digital offerings. The company is well-positioned to continue to benefit from strong industry growth, given its significant installed base, disciplined operation, and commitment to innovation.
In the last month, Carrier Global Corp. has debuted as an independent, publicly traded company after separating from United Technologies. It will trade under the symbol “CARR” on the New York Stock Exchange.
“For more than a century, Carrier has been a symbol of excellence, and today, as a standalone company, we have defined our own strategy, vision, culture and priorities,” said Dave Gitlin, Carrier President and CEO. “We have an unmatched legacy and look forward to delivering sustainable long-term growth to our shareowners and other stakeholders.”
Carrier's Legacy As A Leading HVAC Manufacturer
In the last month, Carrier Global Corp. has debuted as an independent, publicly traded company after separating from United Technologies. It will trade under the symbol “CARR” on the New York Stock Exchange.
Based in Palm Beach Gardens, Fla., Carrier traces its history back to 1915, when it was founded as a manufacturer and distributor of heating, ventilating and air conditioning systems. Willis Carrier is credited with inventing modern air conditioning, and his company’s success later included marketing air conditioners to residential markets in the 1950s.
Carrier traces its history back to 1915, when it was founded as a manufacturer and distributor of heating, ventilating and air conditioning systems.
Carrier Air Conditioning Corp. was acquired by United Technologies Corp. (UTC) in July 1979. In November of 2018, UTC announced its intent to spin off an independent company known as Carrier Global Corp. That separation was completed this year.
Strategies For Long-term Growth And Profitability
As an independent company, Carrier will increase its focus on distinct operating priorities and strategies for long-term growth and profitability. Specifically, the new company plans:
- To invest in its sales force and product innovation;
- To increase product extensions and geographic coverage;
- To grow service and digital offerings to create recurring revenue opportunities; and
- To implement tenacious cost reduction, including a $600 million reduction in supply chain, factory, and general and administrative expenses by the end of 2022.
Leading In Residential And Commercial HVAC And Refrigerants
Carrier has an extensive global footprint, offering solutions in more than 180 countries. Leading positions include the North American residential and commercial HVAC equipment markets and refrigerated equipment for the North American and European truck trailer and container businesses. The newly independent company also includes global fire detection and suppression and security systems businesses that were also previously part of UTC.Carrier traces its history back to 1915, when it was founded as a manufacturer and distributor of heating, ventilating and air conditioning systems
“Since Carrier’s founding, we have been leaders in inventing new solutions and entirely new industries, and now we will use that leadership to create value for our future shareholders,” said Gitlin. “We are investing strategically and strengthening our market positions with a relentless focus on customers to drive growth. At Carrier, we have a strong foundation, and our best days are ahead.”
Carrier pledges to continue to contribute to communities around the world through employee volunteerism and environmentally responsible operations, products and services. The company also supports development of online STEM (science, technology, engineering and mathematics) education for children around the world.