“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,” said David Gitlin, Carrier’s chairman and CEO. “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.”
Through the acquisition, Honeywell will add the following brands to its portfolio: LenelS2, Onity, and Supra.
Carrier adds that this sale allows the company to transition its portfolio toward intelligent climate and energy solutions.
“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, CEO of 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 proposed sale is subject to regulatory approvals and customary closing conditions. It is expected to close before the end of the third quarter of 2024.