US firm Carrier Global Corporation has announced its plans to acquire Viessmann Climate Solutions for $13.2 billion from the Viessmann Group.
Viessmann Climate Solutions is the largest segment of the German-owned Viessmann Group and consists of over 70% heat pumps and related accessories, including solar PV, energy storage, and associated services.
The deal will create a new company valued at over $17bn, employing approximately 45,000 staff globally. Carrier said this acquisition positions it “to lead in the rapid climate and energy transition in Europe, which is driving sustainable market growth” and adds a “premier asset in the European climate transition market” to its portfolio.
Viessmann will become one of the largest shareholders in Carrier, and Viessmann CEO Max Viessmann will become a member of the Carrier Board of Directors.
Meanwhile, the Viessmann Group will continue to remain an independent family business.
Prof. Dr. Martin Viessmann, Viessmann Group chairman of the board of directors, comments: “Strong partnerships have always been fundamental to the success of our family business in the past 106 years. And Carrier is a strong partner for our Climate Solutions business. By joining forces, we will be able to uplift our impact on the decarbonisation of the building sector to the next level with more reach and scale globally.”
CEO Max Viessmann adds: “The world’s energy transition can only be managed successfully if companies think, act and collaborate on a global level. Building on our very positive growth momentum and a market-leading integrated solutions offering, we are combining our Climate Solutions business area with Carrier to build the next future-proof, truly global, climate champion. Through the combination of both companies, we are forming a fast-growing innovation leader in a highly competitive market environment – from a position of strength. This partnership lays the perfect basis to jointly capture growth opportunities and maximise our impact for generations to come.”
Carrier CEO David L. Gitlin says: “Viessmann Group’s business area ‘Climate Solutions’ is an outstanding business with a superior market position, unmatched distribution channels and huge growth opportunities. Its success is based on its superb workforce which has a strong value-driven culture and its game-changing integrated solutions offering. Martin and Max have built Europe’s most recognized premium climate solutions brand and Carrier is fully committed to further building on that growth momentum. We are thrilled to co-create the future of the intelligent climate and energy solutions industry together.”
Both parties have agreed on long-term guarantees, which include: Refraining from terminations for operational reasons (3 years), site guarantees for all main manufacturing and R&D locations (5 years) as well as the headquarters in Allendorf (10 years). The guarantees are designed to secure the long-term future of the business area, leveraging global scale for procurement, logistics, manufacturing, supply chain, product development, sales and services.
The UK arm of Viessmann is headquartered in Telford where the Climate Solutions business employs over 130 people.
