Monomoy Capital Partners and Starboard Capital Partners have acquired the heat transfer products business of Carrier Corp., a unit of United Technologies Corp. (NYSE: UTX). No financial terms were disclosed. The unit has more than 500 employees and around $90 million in 2009 revenue.
Carrier Corp. has sold its Heat Transfer Products Group (HTPG) business to Monomoy Capital Partners, L.P. and Starboard Capital Partners, LLC. Carrier Corp., a unit of United Technologies Corp. (NYSE: UTX), is the world’s leader in high technology heating, air-conditioning and refrigerat1ion solutions, improving the world around us through engineered innovation and environmental stewardship.
HTPG, with 2009 revenues of approximately $90 million and more than 500 employees, is a leading manufacturer of commercial refrigeration components for the food service and food retail market segments. It is headquartered in Brea, California and has manufacturing facilities in Scottsboro, Ala. and Yuma, Ariz.
“HTPG has a leading market presence, reputable brands and a solid product portfolio,” said Geraud Darnis, president, Carrier Corp. “We’re pleased that its combination with Monomoy will enhance its growth potential.”
“The transaction is a continuation of our strategy to increase focus on our core growth platforms which include our large and successful food retail refrigeration business in Europe and Asia,” added Darnis.
About Carrier Corp.
Carrier Corp. is the world’s leader in high technology heating, air-conditioning and refrigeration solutions. Carrier experts provide sustainable solutions, integrating energy efficient products, building controls, and energy services for residential, commercial, retail, transport and foodservice customers. Founded by the inventor of modern air conditioning, Carrier improves the world around us through engineered innovation and environmental stewardship. Carrier is part of United Technologies Corp., a leading provider to the aerospace and building systems industries worldwide. Visit www.carrier.com for more information.