By Ben Glickman
Haier Smart Home will buy Carrier Global's commercial-refrigeration business for total consideration of $640 million.
Chinese household-appliance-maker Haier said it expected the stock-purchase deal to close in the second half of 2024.
Carrier said the deal gave its commercial-refrigeration business an enterprise value of $775 million, including about $200 million of net pension liabilities.
Carrier expects net proceeds of over $500 million, which it plans to use to pay down debt.
The agreement follows an announcement last week that Carrier would sell its security business to Honeywell for nearly $5 billion.
Carrier has been looking to divest certain businesses such as Fire and Security in order to streamline its portfolio.
Write to Ben Glickman at ben.glickman@wsj.com
(END) Dow Jones Newswires
12-13-23 1821ET