Page 9 - David Gitlin News Today

Heat pumps are the new plastics, but competition from Asia threatens to erode profit margins.

Operator: Good morning and welcome to Carriers First Quarter 2023 Earnings and Strategic Update Conference Call.

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Carrier Global Corp., plans to acquire a unit of Viessmann Group that produces heat pumps, seen in Berlin as the heating solution for Germany’s green future.

Carrier Global is buying German heat pump maker Viessmann Climate Solutions for about $12 billion in cash and stock, the Florida-based company said Tuesday

Carrier, a US-based heating specialist, is set to acquire Germany's Viessmann Climate Solutions in a €12 billion ($13.27 billion) deal. The acquisition will see Viessmann's heat pump business fall into the hands of one of the leading market players in the United States, as Carrier looks to expand its reach in the rapidly growing European heat pump market.

Carrier will acquire Viessmann Climate Solutions, the largest segment of Viessmann Group, in a cash and stock transaction valued at €12 billion.

Carrier Global Corp., plans to acquire a unit of Viessmann Group that produces heat pumps, seen in Berlin as the heating solution for Germany’s green future.

Carrier announced Wednesday it purchased Viessmann Climate Solutions for $13.1 billion in cash and stock, and will exit the fire and security business during 2024.

Carrier to acquire Viessmann Climate Solutions for €12 billion in cash and stock issued directly to Viessmann Group with a long-term ownership commitment