Carrier Corp. to Sell its Residential Air-conditioning Operations in Israel
FARMINGTON, Conn., Oct. 19 /PRNewswire-FirstCall/ -- Carrier Corp. has signed a definitive agreement to sell Tadiran Appliances Ltd., its residential air-conditioning operations in Israel, to Crystal Consumer Products Ltd., one of the largest consumer durable goods distributors in Israel. Carrier Corp. is a unit of United Technologies Corp. (NYSE: UTX).
Tadiran Appliances, with 2008 revenues of approximately $100 million and 400 employees, is a leading manufacturer and distributor of residential and commercial air-conditioning products and services in Israel, serving primarily the domestic market. Tadiran Appliances had earlier announced the closure of its residential manufacturing facility by the end of the year due to the severe downturn in the Israeli market and low-cost imports from Asia. Under the terms of the agreement, Tadiran Appliances will continue to distribute Carrier commercial products in Israel.
"Crystal has a long and successful record as a consumer goods distributor in Israel, and we are pleased to benefit from their distribution strength and local industry knowledge," said Geraud Darnis, president, Carrier Corp.
"Over the last year, Carrier has been transforming its portfolio to increasingly focus on more technology intensive businesses with a greater mix of solutions and services. This transaction marks another step on our path to a simpler, more focused and higher returns business."
The transaction is expected to close in approximately 30 days subject to regulatory approvals.
About Carrier Corp.
Carrier Corp., headquartered in Farmington, Conn., is the world's largest provider of heating, air-conditioning and refrigeration solutions, with operations in more than 170 countries. Carrier is part of United Technologies Corp., a Hartford, Connecticut-based provider of products and services to the aerospace and building systems industries worldwide. Visit www.carrier.com for more information.
SOURCE Carrier Corp.