Carrier Acquires German Refrigeration Giant
August 6, 2004
Carrier Corp. acquired Linde Refrigeration, a division of Linde AG, after approval from the European Commission. “With this regulatory approval, we expect closing the transaction within the next three months,” said Geraud Darnis, president of Carrier Corp. Under the agreement, Carrier will acquire Linde Refrigeration for about $390 million (or about 325 million euros) including estimated debt upon closing. Linde Refrigeration, headquartered in Cologne, Germany, employs 6,300 people and has annual sales of about $1 billion (866 million euros, including the German dry shelving business, which is not part of this transaction, with sales of 28 million euros). Products include refrigerated display cases and subsystems, and industrial and commercial refrigeration systems.