Carrier Corp. announced the signing of an agreement to buy Nashville, Tenn.-based International Comfort Products Corp. Carrier President John Lord said there would be few changes in ICP operations.
Carrier Corp. announced the signing of an agreement to buy Nashville, Tenn.-based International Comfort Products Corp. for $11.75 per share in cash. Carrier's parent United Technologies Corp. will pay $490 million in cash for all of the outstanding shares of ICP and will assume about $230 million in debt.
ICP's products are marketed under the Heil, Tempstar, Arcoaire, Comfortmaker, Airquest, Keeprite, Lincoln, Dettson and Clare brand names. Its worldwide sales for 1998 were $733.5 million. Carrier had 1998 worldwide sales of $6.9 billion.