Farmington-based Carrier Corp., which manufactures heating, ventilating and air conditioning equipment, said today it has agreed to sell its Israeli residential air conditioning subsidiary.
Carrier, a subsidiary of United Technologies Corp. in Hartford, said it will sell Tadiran Appliances Ltd. to Crystal Consumer Products Ltd., a consumer durable goods distributor in Israel.
Terms of the sale were not disclosed.
Tadiran Appliances, which will continue to distribute Carrier commercial products in Israel, posted revenue of about $100 million in 2008 and employs about 400 workers, Carrier said.
“Over the last year, Carrier has been transforming its portfolio to increasingly focus on more technology-intensive businesses with a greater mix of solutions and services,” said Geraud Darnis, president of Carrier. “This transaction marks another step on our path to a simpler, more focused and higher returns business.”
The transaction is expected to close in about 30 days subject to regulatory approvals.
Carrier was among UTC’s first businesses to feel the impact of the recession as the downturn in the housing market hit the company in 2007. More recently, its refrigerated transportation container business has suffered due to falling orders by the weak shipping industry.
For the first six months of the year, operating profit at Carrier plunged to $282 million, down 62 percent from the same period in 2008. (AP)
