Carrier Corporation said the European Commission in Brussels approved its intended acquisition of Linde Refrigeration, a division of Linde AG.
Global HVAC/R giant Carrier, with headquarters in Farmington, CT, U.S., is a division of United Technologies Corporation. It said approval is key to completion of the acquisition agreement reached on March 15, 2004. It anticipates other legal procedures, still pending, will result in approval as well.
"With this regulatory approval, we expect closing the transaction within the next 3 months," said Carrier Corporation President Geraud Darnis.
"Refrigeration is a core business at Carrier and this acquisition will be a synergistic fit to our existing operation. The Carrier/Linde combination will allow us to provide a more comprehensive range of products and services," Mr. Darnis added. "Building on our complementary geographical footprints and product portfolios, we will be able to better satisfy the requirements of global customers with products tailored to regional needs."
Under the agreement, Carrier will acquire Linde Refrigeration for approximately U.S. $390 million (or approximately 325 million euros) including estimated debt upon closing.
Linde Refrigeration employs 6,300 people and is a leader in European commercial refrigeration, with annual sales of approximately U.S. $1 billion, or 866 million euros. (This figure includes a German dry shelving business, with sales of 28 million euros, which is not part of this transaction).
Linde is headquartered in Cologne, Germany, and has manufacturing facilities in Europe, Asia, and South America. Products include refrigerated display cases and subsystems, and industrial and commercial refrigeration systems.
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