Environmental policy - Viessmann completes sale of air conditioning division to Carrier
The family-owned company Viessmann has completed the sale of its air conditioning division, including the promising heat pumps, to the US group Carrier Global. The North Hesse-based company received 20 percent of the purchase price of twelve billion euros in the form of a share package for what is by far its largest division with around 12,000 employees. As planned, the Viessmann Group will thus become one of the largest Carrier shareholders and its CEO Max Viessmann will join the Board of Directors. This was announced by both companies on Tuesday following completion of the transaction.
The sale of the German heat pump market leader in the middle of the targeted heating turnaround caused a political stir in April last year. Federal Economics Minister Robert Habeck ultimately assessed the transaction as unobjectionable, and the EU Commission also approved the deal.
With the deal, the core business of the heating manufacturer Viessmann, which was founded in 1917, will be absorbed into the Carrier Group, which is around five times its size, and will gain significantly greater capital strength. "With the transatlantic partnership between Viessmann Climate Solutions and Carrier, we are building a future-oriented, global climate champion in a progressive market environment," explained Max Viessmann according to the press release. The climate business for Europe, the Middle East and Africa will be managed by the current Viessmann division head Thomas Heim.
The contractual partners have agreed on long-term guarantees for the employees. For example, compulsory redundancies have been ruled out for three years, important production and development sites have been secured for five years and Allendorf an der Eder has been set as the headquarters for ten years.
The remaining Viessmann Group, with its Refrigeration, Real Estate and Investments divisions, intends to invest the proceeds from the merger. A number of new partnerships with other family businesses are currently being examined. "We will focus on all aspects, solutions and technologies that contribute to CO2 avoidance, reduction and storage," announced Max Viessmann.
Carrier Global Report FY2022 Viessmann announcement dated 25.4.2023 Carrier announcement dated 25.4.2023 Carrier announcement
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- Despite the sale of its climate division, Viessmann, a prominent German mechanical engineering company, remains committed to reducing CO2 emissions, with plans to invest the proceeds in new partnerships with other family businesses.
- The Carrier Global Group, which is around five times larger than Viessmann, will absorb the core business of the heating manufacturer, gaining a significant boost in capital strength.
- Max Viessmann, CEO of Viessmann, will join the Board of Directors of Carrier Global following the completion of the sale of Viessmann's air conditioning division, which includes the market-leading heat pumps.
- As part of the agreement, Carrier Global has provided long-term guarantees to preserve employment in the Viessmann Group, ensuring that crucial production and development sites remain secure for several years.
- The city of Allendorf an der Eder in Germany has been chosen as the headquarters for the Viessmann division in Europe, the Middle East, and Africa for the next decade, under the leadership of Thomas Heim.
- The US group Carrier Global completed the purchase of Viessmann's air conditioning division for twelve billion euros, marking one of the largest transactions in Viessmann's history, with around 12,000 employees working in this division.
- The sale of the German heat pump market leader, Viessmann, to Carrier Global in the midst of the targeted heating turnaround drew attention from the climate division, Industry, and Environmental policy sectors, with both the German Federal Economics Minister and the EU Commission approving the deal.
Source: www.stern.de
