Haier Smart Home Successfully Completes Acquisition of Carrier Commercial Refrigeration

FRANKFURT, Germany and QINGDAO, China, Oct. 2, 2024 /PRNewswire/ -- October 1st 2024 (Beijing time), Haier Smart Home Co., Ltd. (listed on the Shanghai, Hong Kong, and Frankfurt stock exchanges; stock tickers: 600690.SH, 6690.HK, 690D.DE), a global leader in consumer electronics and home appliances, announced the successful completion of its acquisition of Carrier Commercial Refrigeration from Carrier Global Corporation (NYSE: CARR) for an enterprise value of approximately $775 million. The technologies related to commercial refrigeration that the company owns or is licensed to use, including carbon dioxide technology, will contribute to environmental improvements, promote green transformation in enterprises, and benefit society. This acquisition further enriches Haier Smart Home's diverse product portfolio and signifies an enhanced strategic positioning in the global commercial refrigeration market.

This acquisition follows the signing of definitive agreements on December 12, 2023 and represents a significant step forward in Haier's global growth strategy. The deal successfully closed after obtaining all necessary regulatory approvals and fulfilling a series of customary closing conditions, ensuring good coordination among all stakeholders and a smooth transition for the business.

"We are thrilled to welcome the 4,000+ Carrier Commercial Refrigeration employees into the Haier family," said Li Huagang, Chairman and CEO of Haier Smart Home. "This transaction not only broadens our product portfolio but also provides a unique opportunity to create a better and more sustainable solution provider from industrial & food retail refrigeration to cold storage. The well-known brands such as Carrier Commercial Refrigeration, Profroid, Celsior, and Green & Cool, along with their outstanding teams and key customers, will play a crucial role in our efforts to deliver more comprehensive and innovative product solutions to our increasingly diverse clientele."

"Joining Haier represents a fantastic opportunity for our business and team," stated Marcus Eisenhuth, CEO of Carrier Commercial Refrigeration. "Our team is astonished and touched by Haier's strong commitment and dedication to ensure a smooth business transition and obtaining all necessary approvals within the expected timeframe. During the joint process, we gained a better understanding of the unique Haier culture, the RenDanHeYi model, and the way Haier enables each individual. We look forward to the synergies this partnership will undoubtedly create."

The acquisition enables Haier to broaden its reach from home refrigeration to the commercial refrigeration market, enhancing its ability to offer comprehensive refrigeration solutions to a broader clientele in the industrial, food retail and cold storage sectors.

About Haier Smart Home Co., Ltd.

Haier is one of the world's leading manufacturers of household appliances with a focus on smart home solutions and customized production. Haier Smart Home Co., Ltd. develops, produces and distributes a wide range of household appliances. These include refrigerators, freezers, washing machines, air conditioners, water heaters, kitchen appliances, small household appliances, and an extensive range of intelligent household appliances. The Company distributes its products through leading household brands such as Haier, Casarte, Leader, GE Appliances, Fisher & Paykel, AQUA and Candy. Haier Smart Home Co., Ltd. has launched Smart Home Experiential Cloud in the Chinese market, which connects homes, users, enterprises and ecosystem partners, and facilitates the integration of Haier's online, offline and micro-store businesses and supports user interaction to further optimize the user experience.