Energy - Viessmann completes sale of air conditioning division to US group
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 after completion of the transaction.
Significantly greater capital strength
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 Minister of Economics 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 divisional manager Thomas Heim.
Layoffs for operational reasons temporarily ruled out
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.
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- The sale of Viessmann's air conditioning division, known for its innovative heat pumps, has been acquired by the US company Carrier Global, boosting their environmental offerings in Germany and the USA.
- Despite the sale of its largest division, the family business Viessmann, founded in 1917, remains committed to advocating for environmental policy within the mechanical engineering industry.
- Max Viessmann, the CEO of Viessmann, will join Carrier Global's Board of Directors following the completion of the air conditioning division's sale, marking a significant transatlantic partnership.
- The Carrier Group, now including Viessmann's climate business, aims to emerge as a leading global climate champion in a progressive market environment, pointed out by Max Viessmann.
- Viessmann's once-dominant position as the heat pump market leader in Germany led to a political debate about the potential impacts on the industry and the environment.
- The new strategic direction for the Viessmann Group entails leveraging the proceeds from the merger to forge new partnerships with family businesses in pursuit of CO2 avoidance and reduction technologies.
- Carrier Global's exposure to the European market will be strengthened through Viessmann's climate division, which manages Europe, the Middle East, and Africa operations.
- The sale has brought a promised investment of twenty percent of the twelve billion euros in viessmann plants, reinforcing the strategy to become a strong alliance in the climate division.
Source: www.stern.de
