Carrier Corp. of Farmington and G & L Beijer AB have combined their business operations in refrigeration wholesale distribution.
“Beijer has a track record of execution and we look forward to benefiting along with the other shareholders from their focus and expertise,” said Geraud Darnis, president of Carrier. “The combined entity will offer a wider portfolio of products, better geographic coverage and unparalleled customer service.”
The combined entity has $800 million in revenues, 1,800 employees and operations in 21 countries covering Europe and South Africa.
Carrier is a unit of Hartford-based United Technologies Corp.
Under the terms of the transaction, Sweden-based Beijer has acquired Carrier’s refrigeration wholesale business operations in Europe and South Africa.
“With this transaction, Carrier will increase its focus on its large and successful European food retail operations,” said Darnis.
Carrier will have 33.3 percent voting interest and 41.5 percent of the capital in Beijer.
Carrier will nominate two of the seven members of Beijer”™s board of directors.
“Given the highly complementary nature of our European assets, operations and geographic footprint, this is a logical and compelling combination that we expect will create significant value for shareholders while benefiting customers, installers and the market overall,” said Joen Magnusson, managing director of G & L Beijer. “We are excited by the enhanced prospects for growth and the considerable benefits to all stakeholders that this combination offers.”