German Firm Sells Heat Pump Business To Carrier

Germany’s Viessmann Group is selling its heat pump business, viewed as a key technology for the transition away from fossil fuel heating, to Florida-based Carrier Global Corp. as part of a 12 billion-euro ($13.2 billion) deal, Geir Moulson and Frank Jordans reported for the Associated Press (AP).

Photo Insert: The sale of Viessmann’s “climate solutions” business comes as Germany is putting into place plans to phase out gas and oil heating systems in favor of climate-friendly alternatives.

The sale of Viessmann’s “climate solutions” business comes as Germany is putting into place plans to phase out gas and oil heating systems in favor of climate-friendly alternatives.

Heat pumps, which use electricity and ambient air or groundwater, are considered far more efficient than traditional combustion furnaces.

The deal entails Carrier paying 80% in cash and 20% in Carrier shares to Viessmann. It will see family-owned Viessmann become one of the biggest shareholders in Carrier, which is based in Palm Beach Gardens, Florida.

Viesmann’s CEO, Max Viessmann, will join Carrier’s board when the deal is completed. Carrier, whose business activities include refrigeration, said the Viessmann climate solutions division would give it “an iconic, premium brand in the highest growth segment of the global heat pump and energy transition markets.”

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