Industrial Deals Resurge in Nuts and Bolts
The eye-watering multiples that many manufacturers paid for software deals during the pandemic generally weren’t well received by investors, so they're returning to their roots.
Carrier is making a big bet on German heat-pump maker Viessmann Climate Solutions.
Photographer: Yann Schreiber/AFP/Getty Images
Industrial deals are back.
Carrier Global Corp. confirmed late Tuesday that it was buying German heat-pump maker Viessmann Climate Solutions for €12 billion ($13.2 billion) to expand in the European home heating and cooling market. Carrier, itself a spinoff of the former United Technologies Corp., will also explore options for exiting its remaining fire and security operations and a business that supplies refrigeration units to convenience stores and grocers. On Wednesday, Honeywell International Inc. announced the $670 million acquisition of a compressor business that provides control hardware, software and services to the liquified natural gas, refining, gas processing and petrochemical industries. The turbomachinery operations were included in the package of Roper Technologies Inc. industrial assets in which Clayton, Dubilier & Rice acquired a majority stake last year.