Wondering who owns the air conditioning giant that keeps homes cool across America? Carrier Corporation, a name synonymous with HVAC systems and refrigeration solutions, has an interesting ownership story. Carrier Global Corporation (NYSE: CARR) is now an independent, publicly traded company after completing its separation from United Technologies Corporation in 2020.
The journey to independence marked a significant milestone for Carrier, which had been under the United Technologies umbrella for 41 years. Today, Carrier Global Corporation stands as the global leader in intelligent climate and energy solutions, continuing its legacy of innovation that began with its founder Willis Carrier’s invention of modern air conditioning in 1902.
Key Takeaways
- Carrier Global Corporation became an independent company in 2020, trading on the NYSE under the ticker symbol CARR.
- The company separated from United Technologies after a 41-year relationship as part of a corporate restructuring.
- Carrier now operates as a standalone entity focused on providing sustainable building solutions and refrigeration technology worldwide.
Company Overview
Carrier Corporation has evolved from a pioneering air conditioning company to a global leader in HVAC and refrigeration solutions. The ownership structure has changed significantly over the years as the company adapted to market conditions and corporate strategies.
History and Legacy
Carrier began as an independent company founded by Willis Carrier, the inventor of modern air conditioning. This innovation revolutionized indoor comfort and industrial processes worldwide. In July 1979, Carrier Corporation was acquired by United Technologies Corporation (UTC), becoming a division of this larger conglomerate.
Under UTC’s ownership, Carrier continued its tradition of innovation while benefiting from the resources of a diversified industrial corporation. The company expanded its global footprint and developed new technologies focused on energy efficiency and sustainability.
For decades, Carrier operated as a subsidiary of UTC, contributing significantly to its parent company’s portfolio of building and industrial systems.
Current Status and Structure
In a major shift, Carrier became an independent, publicly traded company in 2020 after completing its separation from United Technologies. The company now trades on the New York Stock Exchange under the ticker symbol “CARR.”
Today, Carrier Global Corporation stands as the global leader in sustainable healthy buildings, HVAC, and commercial and transport refrigeration solutions. Its headquarters are located in Palm Beach Gardens, Florida.
The company maintains its focus on sustainability and innovation, developing intelligent climate and energy solutions for modern buildings and transportation. Carrier’s independence has allowed it to pursue focused strategies in its core markets while continuing its legacy of industry leadership.
Ownership Details
Carrier Global Corporation operates as an independent, publicly traded company with several major institutional investors holding significant stakes. The company became independent in 2020 after separating from United Technologies Corporation.
Major Shareholders
Vanguard Fiduciary Trust Co. stands as one of Carrier’s largest shareholders, holding 10.62% of the company with approximately 95.3 million shares. This makes them a key player in Carrier’s ownership structure.
Capital Research & Management Co. follows as another significant investor, owning about 8.415% of Carrier. Other institutional investors also maintain substantial positions, though with smaller percentages.
Carrier trades on the New York Stock Exchange under the ticker symbol CARR, making its shares available to both individual and institutional investors worldwide. The company’s public trading status began in 2020 following its separation from United Technologies.
Recent Acquisitions
Carrier itself was a significant acquisition target in the past. United Technologies acquired Carrier in 1979, maintaining ownership for 41 years before the major corporate restructuring.
In 2020, Carrier experienced a major ownership change when it separated from United Technologies along with Otis Elevator Company. This split created three independent companies from the original United Technologies structure.
Since becoming independent, Carrier has focused on strengthening its market position through strategic acquisitions in the HVAC, refrigeration, and building automation sectors. These moves help Carrier expand its technological capabilities and global market reach.
Business Divisions
Carrier Global Corporation operates through several key business divisions that focus on different aspects of intelligent climate and energy solutions. Each division brings specialized expertise to address specific market needs while maintaining Carrier’s commitment to innovation and sustainability.
HVAC Solutions
Carrier’s HVAC (Heating, Ventilating, and Air Conditioning) division is a cornerstone of the company’s business. This segment provides solutions globally for both residential and commercial customers.
For residential applications, Carrier offers a wide range of heating and cooling systems. These include air conditioners, heat pumps, furnaces, and ductless systems designed for home comfort.
Commercial HVAC equipment forms another significant part of this division. Carrier develops building automation systems, chillers, and air handling units for office buildings, hospitals, and schools.
The company puts a strong focus on energy efficiency and sustainability in its HVAC offerings. Many of their newer systems use environmentally friendly refrigerants and smart controls to reduce energy consumption.
Innovation drives this division, with recent developments including IoT-connected systems that allow remote monitoring and management of building climate systems.
Refrigeration Solutions
The Refrigeration division specializes in commercial refrigeration equipment and transport refrigeration systems. This division serves grocery stores, restaurants, food distributors, and transportation companies.
Carrier’s commercial refrigeration business includes display cases, cold storage solutions, and refrigeration systems for food retail. These systems help preserve food quality while reducing energy usage.
For transport, Carrier produces refrigeration units for trucks, trailers, and shipping containers. These systems maintain precise temperature control for sensitive goods during transport.
Recent innovations include:
- Sustainable refrigerants with lower environmental impact
- Energy-efficient designs that reduce operational costs
- Digital monitoring systems for tracking temperature and performance
The division also focuses on cold chain solutions that maintain temperature integrity from production to consumption. This helps reduce food waste and ensures product safety across the supply chain.
Fire and Security
Carrier’s Fire and Security division provides comprehensive protection systems for buildings and facilities. This division focuses on keeping people safe and assets secure.
Fire detection systems form a key part of this business. Carrier produces smoke detectors, alarm panels, and suppression systems designed to identify threats early and respond quickly.
Their fire suppression solutions include:
- Water-based systems
- Chemical suppressants
- Special hazard protection
On the security side, Carrier delivers access control systems and video surveillance solutions. These systems help building managers monitor and control who enters their facilities.
Integration capabilities allow these systems to work together through unified platforms. This creates smarter buildings where fire, security, and HVAC systems can communicate with each other.
The division emphasizes user-friendly interfaces that make complex security technology accessible to building operators and security personnel.
Sustainable Practices
Carrier Corporation demonstrates a strong commitment to sustainability through innovative solutions and ambitious environmental goals. Their efforts span both internal operations and the products they create for customers worldwide.
Environmental Initiatives
Carrier has unveiled a bold plan to achieve net-zero greenhouse gas emissions across its entire value chain by 2050. This comprehensive approach addresses climate change through multiple strategies.
The company focuses on reducing environmental impacts throughout its operations. They implement sustainable practices in manufacturing and supply chain management to minimize their carbon footprint.
Carrier’s commitment to Corporate Social Responsibility extends beyond just meeting regulatory requirements. Their sustainability reports demonstrate transparency and accountability to stakeholders.
As an environmental leader, Carrier invests in research and development to create solutions that address climate challenges. They work with partners across industries to promote sustainable long-term growth.
Energy-Efficient Products
Carrier is repositioning itself as the global leader in intelligent climate and energy solutions. Their product lineup focuses on reducing energy consumption while maintaining performance.
The company develops smart technologies that optimize building systems. These innovations help customers reduce their environmental impact without sacrificing comfort or functionality.
Carrier’s energy-efficient solutions span residential, commercial, and industrial applications. From heating and cooling systems to refrigeration technology, they design products with sustainability in mind.
Their innovations empower customers to meet sustainability goals while reducing operational costs. This win-win approach helps drive adoption of green technologies across markets.
Carrier actively promotes the benefits of sustainable solutions for buildings and cold chain operations. Their technologies help preserve food, medicine, and other temperature-sensitive goods while using less energy.
Financial Performance
Carrier Global has demonstrated strong financial results since becoming an independent company in 2020. The company’s strategic acquisitions and organic growth have positioned it well in the HVAC and building solutions market.
Revenue and Earnings
Carrier reported impressive financial results in 2024, with annual sales reaching $22.5 billion. This represents a 19% increase compared to the previous year. The growth included 3% organic sales growth and a 16% contribution from acquisitions and divestitures.
The company’s performance remained strong through the end of 2024. In the fourth quarter alone, Carrier generated sales of $5.1 billion, marking a 19% increase from the same period in 2023. This included 6% organic growth, showing the company’s ability to expand its core business.
The third quarter of 2024 was equally impressive with $6.0 billion in sales, up 21% year-over-year. This included 4% organic growth and approximately 17% from acquisitions.
Investment and Market Influence
Since becoming independent in 2020 after spinning off from United Technologies, Carrier has attracted significant investor interest. The company has focused on long-term growth strategies through strategic acquisitions and innovation in building solutions.
Carrier’s enterprise value has grown substantially as it continues to expand its market presence. The company has provided a positive outlook for 2025, building on its strong performance in 2024 and 2023.
In 2023, Carrier reported $22.1 billion in sales, an 8% increase from the prior year. This included 3% organic growth and 5% from acquisitions and divestitures, establishing a pattern of consistent growth.
Investors have responded positively to Carrier’s financial discipline and market strategy, reinforcing its position as a leader in the HVAC and building systems industry.
Technological Advancements
Carrier Corporation has positioned itself at the forefront of HVAC technology with groundbreaking solutions. The company continues the legacy of innovation that began with founder Willis Carrier in 1915.
Digital and Building Automation
Carrier has made remarkable strides in building automation technologies that allow for smarter, more efficient building management.
Their digital offerings include advanced control systems that optimize heating, cooling, and ventilation based on real-time data and occupancy patterns.
Through Carrier Ventures, the company invests in disruptive technologies that enhance building management capabilities. These investments support innovations in energy efficiency and sustainability.
The company’s Global Access Solutions provide building managers with remote monitoring and control options. This technology allows for proactive maintenance and energy optimization from anywhere in the world.
Smart thermostats and IoT-connected devices form the backbone of Carrier’s digital ecosystem, giving customers unprecedented control over their indoor environments.
Innovation in Air Quality
Carrier has revolutionized indoor air quality solutions with advanced filtration systems that remove allergens, pathogens, and pollutants. Their technology helps create healthier indoor environments in homes, offices, and critical facilities like hospitals.
The company has developed UV light purification systems that can neutralize airborne bacteria and viruses. This technology became especially relevant during global health concerns about indoor air quality.
Carrier’s innovation extends to energy recovery ventilators that bring in fresh air while maintaining temperature and humidity levels. These systems improve air quality without sacrificing energy efficiency.
Recent sustainable technology investments include partnerships with startups like Butlr, recognized by the World Economic Forum as a Technology Pioneer. These collaborations help Carrier bring cutting-edge air quality innovations to market faster.
Global Reach and Contributions
Carrier Corporation maintains an impressive international presence with operations that span across continents, while also dedicating resources to meaningful community initiatives that reflect their company values.
Global Footprint
Carrier has established a strong global presence with headquarters located in Palm Beach Gardens, Florida. The company operates in numerous countries across multiple continents, providing heating, ventilating, air conditioning (HVAC), refrigeration, and building automation solutions worldwide.
Recently, Carrier has expanded its global reach through strategic acquisitions. In a major move to strengthen its international position, the company announced plans to acquire Viessmann Climate Solutions in a transaction valued at €12 billion. This acquisition aims to create a global leader in sustainable climate solutions.
Since becoming an independent, publicly traded company in 2020 after separating from United Technologies Corporation, Carrier has focused on expanding its global footprint through innovation and strategic partnerships.
Community Engagement
Carrier demonstrates its commitment to corporate social responsibility through various community engagement initiatives. The company promotes employee volunteerism, encouraging team members to contribute their time and talents to local causes.
Carrier has invested in online STEM education programs, helping to cultivate the next generation of engineers and technicians around the world. These educational initiatives aim to build skills in underserved communities while creating a pipeline of future talent.
The company also develops shared value programs that align business objectives with community needs. These initiatives often focus on environmental sustainability, reflecting Carrier’s expertise in climate solutions.
Through its Global Access Solutions division, Carrier works to make its technologies available in developing markets, bringing essential cooling and refrigeration technologies to regions where they can significantly improve quality of life.
Key Partnerships and Brands
Carrier Corporation has expanded its market presence through strategic partnerships and a diverse brand portfolio. These relationships and acquisitions have strengthened Carrier’s position in the HVAC, refrigeration, and building security industries while supporting its global growth.
Strategic Alliances
Carrier has formed several important partnerships to enhance its product offerings. One notable collaboration is with Russell Wilson, the professional quarterback who promotes Carrier’s Healthy Home solutions, including their air purifier line. This celebrity endorsement helps Carrier reach more homeowners concerned about indoor air quality.
The company has also partnered with Sibi, a technology platform for supply chains. This collaboration aims to transform the HVAC industry through data-driven efficiency and improved supply chain management.
In its portfolio transformation efforts, Carrier recently signed an agreement to acquire Toshiba’s global VRF and light commercial HVAC business. This acquisition includes Toshiba’s advanced R&D centers and manufacturing operations.
Carrier has also announced plans to sell its Commercial Refrigeration division to Haier, showing its strategic focus on core business areas.
Key Brands
Carrier’s brand portfolio includes several industry-leading names in building systems. After being spun off from United Technologies in 2020, Carrier has maintained ownership of brands that enhance its market influence.
Key security brands in Carrier’s portfolio include:
- LenelS2 – Advanced security systems and access control solutions
- Supra – Electronic key and lockbox systems widely used in real estate
- Onity – Electronic locking systems popular in hospitality settings
In HVAC, the Carrier brand itself remains a premium offering, widely recognized for quality and innovation. The company continues to leverage these brands to maintain industry leadership in multiple sectors.
Growth Strategies and Future Projections
Carrier Corporation has outlined ambitious plans for sustainable growth following its independence as a company.
In 2022, Carrier hosted an Investor Day where they detailed their long-term growth strategy and value creation approach.
The company recently reported strong financial performance. In 2024, sales reached $22.5 billion, a 19% increase compared to the previous year. This included 3% organic sales growth and a 16% boost from acquisitions, highlighting their expansion strategy’s effectiveness.
Key Growth Areas:
- Innovation in energy-efficient solutions
- Expansion in data center cooling technologies
- Growth in North American Residential HVAC
- Strategic acquisitions
Carrier’s leadership team, led by CEO David Gitlin, has focused on what they call a “quantum leap” in their HVAC business. They saw an impressive 11% organic increase in sales during Q4 2024.
The company is heavily investing in innovative, energy-efficient solutions. These products help customers reduce their carbon footprint while also lowering operational costs.
North American Residential HVAC remains a cornerstone of Carrier’s business model. They continue to strengthen this segment through improved product offerings and enhanced customer service.
Looking ahead to 2025, Carrier has announced their outlook with confidence based on their performance trends and strategic positioning in key markets.
