Farmington, Conn., June 28, 2007 – Carrier Corp. has signed a letter of intent to acquire E.B. Ward & Company / Valair, a long-standing Carrier distributor of residential, light commercial and commercial products. The purchase price is not being disclosed. Carrier, a unit of United Technologies Corp. (NYSE: UTX), is the largest distributor in North America with approximately 200 locations in more than 20 states and Canada.
"The acquisition of E.B. Ward and Valair will strengthen our rapidly expanding sales and distribution network in California," said Geraud Darnis, president of Carrier Corp. "This will enable Carrier to serve our customers directly in this large and strategically important market."
Halsey Cook, president of Carrier's North America Residential and Light Commercial Systems division, added, "E.B. Ward's unmatched sales and customer service capabilities combined with the strength of our brands, products and services have helped Carrier build a large and loyal customer base in this region. Combining E.B. Ward�s capabilities with Carrier's distribution expertise and scale will enable us to get closer to our customers and solidify our historical leadership position. We are excited to welcome its employees into the Carrier family."
E.B. Ward and Valair serve Carrier customers in Northern California and parts of Nevada with 140 employees and combined sales of approximately $150 million. The transaction is expected to close within 45 days, pending completion of final documentation.
Carrier Corp., headquartered in Farmington, Conn., is the world's largest provider of heating, air-conditioning and refrigeration solutions, with operations in more than 170 countries. Carrier is a subsidiary of United Technologies Corp., a Hartford, Connecticut-based provider of a broad range of high-technology products and support services to the aerospace and building systems industries worldwide. For more information about Carrier products and services, visit www.carrier.com.
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