NEW YORK, Feb. 10, 2020 /PRNewswire/ -- Carrier, a
leading provider of innovative heating, ventilating and air
conditioning (HVAC), refrigeration, fire, security and building
automation technologies, will present its growth strategy and
provide its 2020 outlook today at its first Investor and Analyst
Meeting in New York. The meeting
is scheduled for 9 a.m. ET and will
be webcast live on www.utc.com. Carrier President &
CEO David Gitlin and his senior
leadership team will provide more details on the future public
company's priorities and investment thesis. Carrier is expected to
separate from United Technologies (NYSE: UTX) early in the second
quarter of 2020. Carrier common stock will trade under the ticker
symbol "CARR" when it begins regular-way trading on the New York
Stock Exchange.
"Since Carrier's founding, we've been leaders in inventing new
solutions and entirely new industries, and now we will use that
leadership to create value for our future shareholders," said
Gitlin. "We're investing strategically and strengthening our market
positions with a relentless focus on customers to drive growth. At
Carrier, we have a strong foundation, and our best days are
ahead."
Gitlin will present alongside Chris
Nelson, President, HVAC-Commercial; Matthew Pine, President, HVAC-Residential;
David Appel, President,
Refrigeration; Jurgen Timperman,
President, Fire & Security; and Timothy
McLevish, Chief Financial Officer.
Investment Thesis
Carrier's market-leading brands serve customers in more than 160
countries across three distinct segments – HVAC, Refrigeration and
Fire & Security. As an independent company, Carrier will be
well-positioned with strong megatrends driving sustained industry
growth, leading positions with significant installed base, a
disciplined operating system and an unwavering commitment to
innovation.
Specifically, as an independent company, Carrier expects to
drive accelerated top- and bottom-line growth through:
- Investments in its sales force and product innovation;
- Increasing product extensions and geographic coverage;
- Growing service and digital offerings to create recurring
revenue opportunities; and
- Implementing tenacious cost reduction with plans for a
$600 million reduction in supply
chain, factory and general and administrative expenses by the end
of 2022.
For more information about Carrier, visit
www.Corporate.Carrier.com/investors.
About Carrier
Carrier is a leading global provider of
innovative heating, ventilating and air conditioning (HVAC),
refrigeration, fire, security and building automation technologies.
Supported by the iconic Carrier name, the company is committed to
making the world safer and more comfortable for generations to come
through its industry-leading brands such as Carrier, Kidde,
Edwards, LenelS2 and Automated Logic. For more information,
visit www.Corporate.Carrier.com or follow us on social
media at @Carrier.
Cautionary Statement
This press release contains
statements which, to the extent they are not statements of
historical or present fact, constitute "forward-looking statements"
under the securities laws. From time to time, oral or written
forward-looking statements may also be included in other
information released to the public. These forward-looking
statements are intended to provide management's current
expectations or plans for Carrier's future operating and financial
performance, based on assumptions currently believed to be valid.
Forward-looking statements can be identified by the use of words
such as "believe," "expect," "expectations," "plans," "strategy,"
"prospects," "estimate," "project," "target," "anticipate," "will,"
"should," "see," "guidance," "outlook," "confident" and other words
of similar meaning in connection with a discussion of future
operating or financial performance or the separation.
Forward-looking statements may include, among other things,
statements relating to future sales, earnings, cash flow, results
of operations, uses of cash, share repurchases, tax rates and other
measures of financial performance or potential future plans,
strategies or transactions of Carrier, Otis or UTC following UTC's
separation into three independent public companies and/or following
completion of the Raytheon merger, the separation, including the
expected timing of completion of the separation and estimated costs
associated with the separation, the Raytheon merger, including the
expected timing of the completion of the Raytheon merger, and other
statements that are not historical facts. All forward-looking
statements involve risks, uncertainties and other factors that may
cause actual results to differ materially from those expressed or
implied in the forward-looking statements. For those statements,
Carrier claims the protection of the safe harbor for
forward-looking statements contained in the U.S. Private Securities
Litigation Reform Act of 1995. Such risks, uncertainties and other
factors include, without limitation: (1) the effect of economic
conditions in the industries and markets in which Carrier and UTC
and their respective businesses operate in the U.S. and globally
and any changes therein, including financial market conditions,
fluctuations in commodity prices, interest rates and foreign
currency exchange rates, levels of end market demand in
construction, the impact of weather conditions and natural
disasters and the financial condition of Carrier's customers and
suppliers; (2) challenges in the development, production, delivery,
support, performance and realization of the anticipated benefits of
advanced technologies and new products and services; (3) future
levels of indebtedness, including indebtedness that may be incurred
in connection with the separation, and capital spending and
research and development spending; (4) future availability of
credit and factors that may affect such availability, including
credit market conditions and Carrier's capital structure; (5) the
timing and scope of future repurchases of Carrier's common stock,
which may be suspended at any time due to various factors,
including market conditions and the level of other investing
activities and uses of cash; (6) delays and disruption in delivery
of materials and services from suppliers; (7) cost reduction
efforts and restructuring costs and savings and other consequences
thereof; (8) new business and investment opportunities; (9) the
anticipated benefits of moving away from diversification and
balance of operations across product lines, regions and industries;
(10) the outcome of legal proceedings, investigations and other
contingencies; (11) pension plan assumptions and future
contributions; (12) the impact of the negotiation of collective
bargaining agreements and labor disputes; (13) the effect of
changes in political conditions in the U.S. and other countries in
which Carrier and UTC and their respective businesses operate,
including the effect of changes in U.S. trade policies or the
U.K.'s withdrawal from the EU, on general market conditions, global
trade policies and currency exchange rates in the near term and
beyond; (14) the effect of changes in tax, environmental,
regulatory (including among other things import/export) and other
laws and regulations in the U.S. and other countries in which
Carrier and UTC and their respective businesses operate; (15) the
ability of Carrier to retain and hire key personnel; (16) the
scope, nature, impact or timing of the separation and other
acquisition and divestiture activity, including among other things
integration of acquired businesses into existing businesses and
realization of synergies and opportunities for growth and
innovation and incurrence of related costs; (17) the expected
benefits and timing of the separation, and the risk that conditions
to the separation will not be satisfied and/or that the separation
will not be completed within the expected time frame, on the
expected terms or at all; (18) a determination by the IRS and other
tax authorities that the distribution or certain related
transactions should be treated as taxable transactions; (19) the
possibility that any consents or approvals required in connection
with the separation will not be received or obtained within the
expected time frame, on the expected terms or at all; (20) expected
financing transactions undertaken in connection with the separation
and risks associated with the additional indebtedness; (21) the
risk that dis-synergy costs, costs of restructuring transactions
and other costs incurred in connection with the separation will
exceed Carrier's estimates; (22) risks associated with the
transactions contemplated by the Raytheon merger agreement or the
announcement or pendency of such transactions, including
disruptions to UTC's or Carrier's operations and the potential
distraction of UTC or Carrier management or employees; (23) UTC's
obligations pursuant to the Raytheon merger agreement to consummate
the Carrier distribution and the Otis distribution in accordance
with the terms and conditions of the Raytheon merger agreement,
including with respect to the timing of the distributions and the
requirement that UTC obtain Raytheon's prior written consent to
effect certain changes to the terms of the separation or
distributions, and the resulting limitations on UTC's ability to
determine or alter the structure or timing of the internal
restructuring, the separation and the distributions or the terms
and conditions of the separation agreement or ancillary agreements;
and (24) the impact of the separation on Carrier's business and the
risk that the separation may be more difficult, time-consuming or
costly than expected, including the impact on Carrier's resources,
systems, procedures and controls, diversion of management's
attention and the impact on relationships with customers,
suppliers, employees and other business counterparties. There can
be no assurance that the separation, distribution or any other
transaction described above will in fact be consummated in the
manner described or at all. The above list of factors is not
exhaustive or necessarily in order of importance. For additional
information on identifying factors that may cause actual results to
vary materially from those stated in forward-looking statements,
see Carrier's registration statement on Form 10, the reports of UTC
on Forms 10-K, 10-Q and 8-K filed with or furnished to the SEC from
time to time. Any forward-looking statement speaks only as of the
date on which it is made, and Carrier assumes no obligation to
update or revise such statement, whether as a result of new
information, future events or otherwise, except as required by
applicable law.
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SOURCE Carrier