Key Stats
Founded: 1915
Founder: Willis Carrier
Headquarters: Palm Beach Gardens, Florida
CEO: David Gitlin (Chairman & CEO since 2021)
Employees: Over 52,000 worldwide
Stock Symbol: NYSE: CARR
Carrier Global Corporation is an American company that manufactures heating, ventilation, and air conditioning (HVAC) systems, commercial refrigeration equipment, and fire and security technologies. The company traces its roots to Willis Carrier, who invented modern air conditioning in 1902.
Headquartered in Palm Beach Gardens, Florida, Carrier operates in more than 160 countries and serves customers across residential, commercial, and industrial sectors. The company became an independent publicly traded company in April 2020 after being spun off from United Technologies Corporation.
Carrier currently operates through two main business segments: HVAC and Refrigeration. The company has transitioned away from its fire and security businesses through divestitures, focusing on climate and energy solutions.
Carrier Global History
1902
Invention of Modern Air Conditioning
Willis Carrier, a mechanical engineer at Buffalo Forge Company, designs the first modern air conditioning system at a Brooklyn printing plant to control humidity and temperature.
1915
Carrier Engineering Corporation Founded
Willis Carrier and six other engineers pool $32,600 to form the Carrier Engineering Corporation after Buffalo Forge decides to exit the air conditioning business due to World War I.
1930s
Move to Syracuse
Willis Carrier relocates the company’s facilities from New Jersey to Syracuse, New York. The city becomes Carrier’s primary manufacturing base for decades.
1979
Acquired by United Technologies
United Technologies Corporation acquires Carrier Corporation. The company continues operating as a subsidiary and becomes known as Carrier Air Conditioning Company.
1980
Carrier Dome Naming Rights
Carrier obtains naming rights for Syracuse University’s new football and basketball arena. The $2.75 million donation was made by Mel Holm, the company’s CEO who chaired the university’s board of trustees.
2020
Spin-off as Independent Company
United Technologies spins off Carrier as an independent publicly traded company, along with Otis Elevator Company. Carrier begins trading on the NYSE under the ticker symbol CARR.
2024
Viessmann Climate Solutions Acquisition
Carrier completes its €12 billion acquisition of Viessmann Climate Solutions from the Viessmann Group, adding European heat pump and energy transition technologies to its portfolio.
Carrier Global Founder
Willis Carrier
Born November 26, 1876, in Angola, New York. Carrier studied mechanical engineering at Cornell University, graduating in 1901. While working at Buffalo Forge Company, he designed the first modern air conditioning system in 1902 for a Brooklyn printing plant struggling with humidity problems. In 1915, he left Buffalo Forge with six fellow engineers to found the Carrier Engineering Corporation. Carrier received the American Society of Mechanical Engineers’ Holley Medal in 1936 and was elected to the National Inventors Hall of Fame posthumously in 1985. He died on October 7, 1950.
Carrier Global Acquisitions and Divestitures
Since becoming an independent company in 2020, Carrier has pursued an aggressive portfolio transformation strategy, acquiring businesses in HVAC and climate technology while exiting non-core segments.
The company’s most significant acquisition was Viessmann Climate Solutions, completed in January 2024 for €12 billion. The German company brought heat pump technology, solar PV systems, battery storage, and approximately 12,000 employees to Carrier’s operations. Max Viessmann, CEO of Viessmann Group, joined Carrier’s board of directors as part of the transaction.
Carrier has also made strategic acquisitions in Asia. The company holds a majority stake in Toshiba Carrier Corporation, providing access to inverter technology and the Asian market. The Giwee acquisition expanded Carrier’s presence in China’s residential HVAC market.
On the divestiture side, Carrier has sold or announced plans to sell its fire and security businesses. In December 2023, the company sold its security businesses—LenelS2, Supra, and Onity—to Honeywell for approximately $5 billion. In March 2025, Carrier announced the sale of its Industrial Fire division to Sentinel Capital Partners for $1.43 billion. The company also sold its European commercial refrigeration business to Haier for $775 million.
Carrier Global Revenue
Carrier Global reported revenue of $22.48 billion for fiscal year 2024. The company’s revenue has grown since its 2020 spin-off, with the Viessmann acquisition contributing to the increase in 2024.
Carrier Global Marketcap
Carrier Global has a market capitalization of approximately $51 billion as of February 2026. The company is included in the S&P 500 index.
Carrier Global Competitors
Carrier competes in the global HVAC and refrigeration markets against both American and international manufacturers. The company faces competition from companies with varying strengths in residential, commercial, and industrial segments.
| Company | Headquarters | Focus |
|---|---|---|
| Daikin Industries | Japan | VRV systems, inverter technology, residential HVAC |
| Trane Technologies | Ireland | Commercial HVAC, chillers, transport refrigeration |
| Johnson Controls (York) | Ireland | Building management systems, commercial HVAC |
| Lennox International | United States | High-efficiency residential HVAC, commercial systems |
| Rheem Manufacturing | United States | Residential heating and cooling, water heaters |
| Mitsubishi Electric | Japan | Ductless systems, VRF technology |
| Bosch Thermotechnology | Germany | Heat pumps, boilers, residential HVAC |
| Midea Group | China | Residential air conditioning, appliances |
| Honeywell | United States | Building controls, HVAC components, thermostats |
| Nortek Global HVAC | United States | Residential and light commercial HVAC |
FAQs
Who invented air conditioning?
Willis Carrier, the founder of Carrier Corporation, is credited with inventing modern air conditioning in 1902 while working at Buffalo Forge Company in Brooklyn, New York.
When did Carrier become an independent company?
Carrier became an independent publicly traded company in April 2020 when United Technologies Corporation spun it off along with Otis Elevator Company.
Where is Carrier headquartered?
Carrier Global Corporation is headquartered in Palm Beach Gardens, Florida. The company relocated from Connecticut after the 2020 spin-off from United Technologies.
What brands does Carrier own?
Carrier owns over 80 brands including Carrier, Bryant, Payne, Heil, Day & Night, Tempstar, Toshiba-Carrier, Viessmann, Kidde, and Carrier Transicold.
What did Carrier acquire in 2024?
In January 2024, Carrier completed its €12 billion acquisition of Viessmann Climate Solutions, a German manufacturer of heat pumps, gas heating systems, and renewable energy products.