The decision caused a stir
Viessmann completes sale of air conditioning division
January 2, 2024, 5:26 p.m
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In the middle of the desired heating transition, the family-owned company Viessmann announced last year that it would sell its air conditioning division to the US company Global Carrier. The sale has now been completed. Meanwhile, a number of new partnerships are already being examined.
The family-owned company Viessmann has completed the sale of its air conditioning division, including its promising heat pumps, to the US group Carrier Global. For what is by far the largest division of the company with around 12,000 employees, the North Hessians received 20 percent of the purchase price of twelve billion euros in the form of a share package. As planned, the Viessmann Group will become one of the largest carrier shareholders, and its boss Max Viessmann will join the board of directors. Both companies announced this after the transaction was completed.
The sale of the German heat pump market leader in the middle of the planned heating transition caused a political stir in April last year. Federal Economics Minister Robert Habeck ultimately rated the transaction as harmless, and the EU Commission also approved the deal.
With the deal, the core business of the heating manufacturer Viessmann, which was founded in 1917, will be absorbed into the Carrier Group, which is around five times larger, and will gain significantly greater capital strength. “With the transatlantic partnership between Viessmann Climate Solutions and Carrier, we are building a future-oriented, global climate champion in a progressive market environment,” explained Max Viessmann, according to the statement.
The climate business for Europe, the Middle East and Africa will be managed by the previous Viessmann division boss, Thomas Heim. The contractual partners have agreed on long-term guarantees for the employees. Redundancies for operational reasons are excluded for three years, important locations for production and development are secured for five years and Allendorf an der Eder is set as the headquarters for ten years.
The remaining Viessmann Group with its refrigeration technology, real estate and investments divisions wants to invest the proceeds from the merger. A number of new partnerships with other family businesses are currently being examined. “We will focus on all aspects, solutions and technologies that contribute to CO2 avoidance, reduction and storage,” announced Max Viessmann.