CARRIER GLOBAL Business Summary

Carrier Global Corporation (CARR) operates as a pure-play leader in intelligent climate and energy solutions, having finalized a multi-year strategic pivot in late 2024 by divesting its fire, security, and commercial refrigeration businesses. The company generates revenue through the sale of advanced HVAC systems, heat pumps, and transport refrigeration units, with an increasing emphasis on high-margin aftermarket services and digital lifecycle solutions via its Abound platform. Operations are organized into four primary segments: Climate Solutions Americas (CSA), Climate Solutions Europe (CSE), Climate Solutions Asia Pacific, Middle East & Africa (CSAME), and Climate Solutions Transportation (CST). Carrier distinguishes itself through a dominant position in the data center cooling sector—projected to drive significant growth in 2026—and its 2024 acquisition of Viessmann Climate Solutions, which established it as a leader in the European residential energy transition. It competes directly with Trane Technologies, Johnson Controls International, and Daikin Industries, positioning itself as the most focused, high-growth specialist in the global climate technology market. Historically founded by Willis Carrier in 1915, the modern corporation was established as an independent entity via a 2020 spinoff from United Technologies Corporation, led by Chairman and CEO David Gitlin, the former President and COO of Collins Aerospace. The executive leadership includes SVP and CFO Patrick Goris, who brought extensive industrial finance experience from Rockwell Automation, and Hakan Yilmaz, the Chief Technology & Sustainability Officer. This team orchestrated the company's aggressive portfolio simplification, pivoting Carrier toward high-growth sustainability sectors and high-efficiency electrification. Notable board influence and ownership come from Maximilian Viessmann, who became a major individual shareholder following the €12 billion acquisition of his family’s climate business. The company maintains a strong institutional base with major positions held by Vanguard and BlackRock, supporting a strategy centered on decarbonization and recurring service-based revenue.