The IPOX® Watch: Carrier Global Corp.
COMPANY DESCRIPTION
Founded in 1902, Carrier Global Corporation is the heating and cooling business spin-off from United Technologies Corporation (now Raytheon Technologies), headquartered in Palm Beach Gardens, FL. Carrier provides heating, ventilating, and air conditioning (HVAC), refrigeration, fire and security, and building controls and automation solutions.
BUSINESS MODEL
Carrier Global primarily generates revenue from the sales of its HVAC, refrigeration, and fire & security products. The company also generates revenue from installation and service contracts.
SPIN-OFF HISTORY
On 04/03/2020, Carrier Global Corporation completed the spin-off from United Technologies Corporation, or UTC, (renamed as Raytheon Technologies) and began trading independently on the NYSE. UTC shareholders received one share of Carrier common stock for every UTC share held as of 03/19/2020 (the "record date"). The HVAC company was valued at ca. $14.7 billion. Carrier rose on the first "regular-way" trading day to $16.92 (+27.41%).
Carrier Global Corporation was included in the IPOX® 100 U.S. Index (ETF: FPX US, FPX LN) on 06/22/2020 and has gained +92.94% since addition to the indexes.
