The Strategist

Honeywell to pay $5B for Carrier Global's security business

12/11/2023 - 08:27

The US-based technology solutions provider Carrier Global Corp. and Honeywell International Corporation have signed an agreement to sell Carrier Global Corp.'s security division for $4.95 billion.

A press release from Carrier states that the Global Access Solutions company manufactures electronic locks for hotels and hospitals, among other things. It will be a component of Honeywell's division for building automation.

The majority of the transaction's proceeds will be used by the carrier to settle debt. It is anticipated that the deal would finalize in 2024's third quarter.

Honeywell International is a diversified industrial and technology corporation providing services and solutions in the areas of aerospace and automotive, building management systems for business, industrial, and residential buildings, and specialized materials.