A manufacturer with a large presence in central Indiana is now its own independent, publicly-traded company. Carrier Global Corp. (NYSE: CARR) has completed its separation from Connecticut-based United Technologies Corp. (NYSE: RTX).
The planned spin-off was first announced in August 2018 when UTC announced it was splitting into three companies.
Carrier, headquartered in Florida, provides HVAC, refrigeration, and fire and security technologies. The company has some 53,000 employees throughout the world.
The company says, as an independent entity, it will have “greater focus and enhanced agility based on its own distinct operating priorities and strategies for long-term growth and profitability.”
“Against the backdrop of unprecedented global uncertainty, Carrier and its employees remain focused and continue to solve critical challenges – from improving indoor air quality, protecting the world’s food and pharmaceutical supply and keeping people safe and secure,” Chief Executive Officer Dave Gitlin said in a news release. “We have an unmatched legacy and look forward to delivering sustainable long-term growth to our shareowners and other stakeholders.”
Carrier made headlines in Indianapolis in late 2016 when UTC made a deal with then-President-elect Donald Trump to keep 1,100 Carrier jobs in the city, 800 of which were slated to move to Mexico. However, 600 jobs from the company’s fan coil operations, which were not part of the Trump deal, were still eliminated.