Haier's European headquarters
Haier's European headquarters. Photo credit: Haier Europe.

European Commission Approves Haier’s Acquisition of Carrier Commercial Refrigeration

The European Commission’s assent puts the sale, valued at $775 million, one step closer to closing.

The European Commission has announced its approval of Chinese OEM Haier Smart Home’s acquisition of Carrier Commercial Refrigeration (CCR), noting that it “would not raise competition concerns, given the companies’ limited combined market position resulting from the proposed transaction.”

Even with the European Commission’s authorization, the sale is still not finalized, although it is expected to close sometime in the second half of 2024.

The deal: U.S.-based manufacturer Carrier originally announced the sale of its European commercial refrigeration business to Haier Smart Home, a division of Haier, in December 2023. Carrier Commercial Refrigeration was sold for $775 million (€705.1 million).

  • European CO2 (R744) refrigeration systems manufacturers Profoid, Celsior and Green & Cool were also included in the deal. Transportation refrigeration company Carrier Transicold, supply chain visibility software maker Sensitech and cold chain monitoring platform Lynx were not included.
  • CCR counts more than 4,000 employees and has a sales and service network that reaches beyond Europe and into the Asia–Pacific region.

A legacy of CO2: Carrier Commercial Refrigeration installed its first transcritical CO2 rack at a supermarket in Switzerland in 2004. In December 2022, it announced the installation of its 20,000 transcritical CO2 rack.

  • In addition to Europe, CCR recently announced that its CO2 racks, heat pumps and condensing units would be available in North America.
  • While Haier does not have CCR’s extensive experience with CO2 refrigeration systems, it’s not entirely unfamiliar with the technology.
  • Carrier and Haier formed a joint venture in China, the Qingdao Haier Carrier Refrigeration Equipment Company, in 2001. In 2020, the company won a contract to supply a transcritical CO2 ice-making system for a speed skating rink at the 2022 Beijing Winter Olympics.

Pivoting to heat pumps: In April of 2023, Carrier announced its acquisition of Viessmann Climate Solutions from the Viessmann Group, establishing the company as a major player in the European heat pump industry.

  • Heat pumps and related services comprise more than 70% of Viessmann Climate Solutions’ business. Viessmann builds both residential and commercial propane (R290) heat pumps and has seen its sales increase 15% annually since 2020, according to Reuters.
  • The €12 billion ($13.1 billion) sale officially closed in January 2024 after receiving approval from the European Commission in December 2023.
  • Haier, through its Haier HVAC Europe division, also sells propane residential heat pumps, water heaters and air conditioners. It showed off an air-to-air split R290 heatpump at Chillventa 2022 in Nuremberg, Germany.

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