Carrier Global Corporation has agreed to sell its Riello business to Italy‑based Ariston Group in a transaction valued at roughly $430 million in gross proceeds, with the deal expected to close in the first half of 2026 after customary regulatory and works‑council approvals.
The sale is part of Carrier’s ongoing portfolio transformation that began in 2023 with the acquisition of Viessmann Climate Solutions and the divestiture of non‑core units such as Fire & Security and Commercial Refrigeration. Riello’s focus on boilers and burners is less aligned with Carrier’s electrification strategy, so the divestiture frees management to concentrate on high‑growth, electrified HVAC and energy‑management solutions that now account for about 85 % of Carrier’s consolidated revenue.
Carrier will use the net proceeds from the sale for general corporate purposes, including a robust share‑repurchase program. The transaction also helps reduce Carrier’s net debt, which stood at $9.65 billion as of June 2025, and supports the company’s goal of improving leverage and returning value to shareholders.
Carrier’s Q3 2025 earnings showed a 7 % decline in net sales and a 4 % organic sales decline, with adjusted EPS falling 13 % year‑over‑year to $0.67 versus an estimate of $0.59. The sale is therefore a strategic move to trim legacy assets that have not delivered the margin and growth profile of Carrier’s core electrified business, while the market reaction to the announcement was muted, reflecting broader concerns about the company’s near‑term performance and its position near a 52‑week low.
David Gitlin, Carrier’s Chairman and CEO, said the agreement “reflects our disciplined portfolio management as we continue sharpening our focus on differentiated climate and energy solutions.” Paolo Merloni, Ariston Group’s Executive Chairman, added that the acquisition “strengthens our presence in North America and complements our global combustion‑technology portfolio.”
Ariston Group, which reported €2.6 billion in revenue in 2024, expects the acquisition to be EPS accretive and to expand its commercial and industrial market share. The deal illustrates a broader consolidation trend in the climate‑tech industry, as companies seek scale, technological differentiation, and regulatory compliance in a rapidly electrifying market.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.