By Ben Glickman

Haier Smart Home will buy Carrier Global's commercial-refrigeration business for total consideration of $640 million.

Chinese household-appliance-maker Haier said it expected the stock-purchase deal to close in the second half of 2024.

Carrier said the deal gave its commercial-refrigeration business an enterprise value of $775 million, including about $200 million of net pension liabilities.

Carrier expects net proceeds of over $500 million, which it plans to use to pay down debt.

The agreement follows an announcement last week that Carrier would sell its security business to Honeywell for nearly $5 billion.

Carrier has been looking to divest certain businesses such as Fire and Security in order to streamline its portfolio.

Write to Ben Glickman at ben.glickman@wsj.com

(END) Dow Jones Newswires

December 13, 2023 18:21 ET (23:21 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.
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